Bitcoin Start-up Veem Secures Investment Led by Goldman Sachs and Google
Goldman Sachs and Google have reportedly jointly invested for Bitcoin start-up Veem. The investment is to develop a payments service that doesn’t rely on a series of correspondents to move money doing away with intermediary banks directly connecting clients, suppliers and customers directly.
The system is designed so a user is not required to buy Bitcoin or hold it directly for the transaction. Veem will use an algorithm to automatically direct transactions down the most efficient payment channel. The algorithm will automatically buy crypto to use as the intermediary for the transaction before converting to the receiving currency.
Veem has experienced rapid growth which has seen investment from Goldman Sachs GV (Google Venture), Silicon Valley Bank, Pantera Capital and more. Some investors might be buying Bitcoin to use as a means of payment, but the true potential could be realised in a payment service by using the underlying asset without exposing the client.
This model is what Veem has built their platform on. They can utilise the speed and efficiency of cryptocurrencies for customers whilst eliminating concerns of volatility. The Veem algorithm will buy and sell cryptocurrency without any involvement from the client.
Veem has shown some strong interest from some of the biggest investment firms out there. With continued development to the platform, they are sure to make headway into the payments service industry.
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