Goldman Sachs, the U.S. based banking giant has invested a $25 million strategic funding round for blockchain led payments startup Veem with the formal announcement of participation confirmed as per the valid source of Cointelegraph from Silicon Valley Bank on 27th September.
Veem that utilizes digital ledger technology to enhance the efficiency of small business payments as stated in their recent press release where the funding round has also acquired participation from GV (formerly Google Ventures), Pantera Capital, Extol Capital, Trend Forward Capital, Kleiner Perkins among others investors.
Amid this, Forbes stated that Goldman Sachs invested through its Principal Strategic Investment Group. With this Goldman Sachs managing directors, Rana Yared will lead the team and sit on Veem’s board as a non-voting observer.
With the latest funding round in place, Veem actively focuses to create new partner integrations, as well as “rely on increased automation, including built-in anti-money-laundering and know-your-customer compliance,” as reported by Forbes.
Veem utilizes Bitcoin (BTC) to link its clients’ bank accounts with suppliers while processing more than half of its transactions with the cryptocurrency as one of the alternative options for correspondents. Earlier, the blockchain startup closed successfully a $26 million Series B funding round in March 2018. Based on the recent press release, Veem is able to serve 80,000 small businesses in 96 countries.
In August, Axoni, an enterprise led blockchain startup had raised almost $32 million in Series B funding round that had been led by Goldman Sachs.
Recently Goldman Sachs was under certain hearsay to have withdrawn unconfirmed plans to initiate its own cryptocurrency trading desk based on which Goldman Sachs’ CFO declared it untrue in early September saying that “When we talked about exploring digital assets […] it was going to be an exploration that would be evolving over time. Maybe someone who was thinking about our activities here got very excited that we would be making markets as principal and physical Bitcoin, and as they got into it they realized part of the evolution, but it’s not here yet.”