Goldman Sachs backs Bitcoin cross-border payments company

Goldman Sachs backs Bitcoin cross-border payments company

Goldman Sachs continues to embrace the cryptocurrency industry tighter.  In its latest investment, the financial giant led a strategic funding round offered by Veem, a blockchain-based cross-border payments solution.  That funding round attracted a total of $25 million, as Veem continues to expand around the globe.

Veem uses digital ledger technology (DLT) to help small businesses manage their cross-border payments.  Its platform allows companies to convert fiat to Bitcoin (BTC), which is then sent to suppliers for payments.  It is billed as a method to increase the business’s payment efficiency and has created a niche market – Veem already has 80,000 clients in 96 countries.

The funding round also saw participation by Trend Forward Capital, Pantera Capital, Extol Capital, Kleiner Perkins and GV, which was formerly known as Google Ventures.  Goldman Sachs made its investment through the company’s Principal Strategic Investment Group and struck a deal that will see Goldman Sachs managing director Rana Yared receive a seat on the Veem board.  Yared, however, is only an observer and won’t have voting rights in the company.

Goldman Sachs has been proactive in rolling out new services to the blockchain and cryptocurrency spaces this year.  It has announced that it will introduce a series of crypto products and possibly a crypto trading desk.  The latter has been rumored to be axed by the company, but Goldman Sachs CFO Martin Chavez denied those rumors.  He said earlier this month, "When we talked about exploring digital assets […] it was going to be 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."

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