Google and Goldman jump crypto bandwagon investing in Bitcoin payment startup

The times when financial giants and hi-tech behemoths imposes crypto bans and erected hurdles are over as more and more banks and financial institutions realize that cryptocurrencies and blockchain are a part of our new reality. With that in mind, they are increasingly looking for crypto exposure. 

In a latest development, Google and Goldman became investors of enterprise-payments start-up Veem that provide Bitcoin-based payment solutions. Both companies joined the ranks of Veem’s big-name investors like Kleiner Perkins, Silicon Valley Bank, Trend Forward Capital, and Pantera Capital. The startup has already raised $25M during past fund-raising rounds to finance the program of new partner integrations.

Marwan Forzley, Veem’s founder commented:

“What’s important about this round is the acknowledgement of the size of the opportunity, the size of the market, the size of the pain point that we’re solving for. And it’s an endorsement of the growth that we’re experiencing.”

What is Veem?

Veem promises to simplify the process of cross-border money transfers by eliminating intermediary banks. The company’s solution is based on Bitcoin’s blockchain, but users do not have to own digital coins to make payments via Veem. Currently, it has over 80,000 customers in 96 countries and the numbers are growing. Considering the range of investors, Veem can become the first Blockchain startup that will go public, experts believe. 

“We’re not a strategic investor. It’s definitely not a strategic thing. It’s an opportunity to create a stand-alone company and in the process make a financial return on a good exit or an IPO down the line,” said GV general partner Karim Faris who also sits on Veem’s board of directors.

Market’s reaction

Cryptocurrency market has been on a recovery track for the past several days, supported by a steady flow of news that prove the idea of institutional adoption. While the price movements remain volatile, the general sentiment is definitely positive, paving way further to the North.

Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price analysis: BTC/USD settles above $9,800, vulnerable to new losses

Bitcoin (BTC) managed to recover above $9,800 after a bloody crash towards $9.600 during early Asian hours. At the time of writing, the first digital asset is changing hands at $9,860, down 3.5% on a day-on-day basis.

More Bitcoin News

Ethereum (ETH) price analysis: ETH/USD stays above $200.00, bulls don't give up

The second-largest cryptocurrency with the current market capitalization of $22.4 billion hit $217.60 on Wednesday. While the coin has retreated to $207.50 by the time of writing, the overall sentiments remain bullish as the coin stays above a critical $200.00.

More Ethereum News

Litecoin price analysis: LTC/USD retreats back within the short-term channel

Litecoin has retraced from Wednesday's high of $79.15 to trade at $74.37 by the time of writing. The fifth-largest coin with the current market value of $4.7 billion has lost nearly 2% of its value in recent 24 hours and decreased by 4.5% since the beginning of the day. 

More Litecoin News

The cryptocurrency market update: Bitcoim settles at new lows, altcoins deep in red

The cryptocurrency market is a sea of red today as Bitcoin and major altcoins - with some notable exceptions - are falling down rapidly. The total market capitalization of all digital assets in circulation dropped to $263 billion.

More Cryptocurrencies News


Bitcoin Weekly Forecast: Rangebound trading and September blues come upon the crypto market

Bitcoin finishes the week with marginal losses. The first digital currency recovered from the recent low of $9,886 but stayed in the red zone as of the end of the week.

Read the weekly forecast