Veem, a Bitcoin startup has closed its final round of funding that helped raise more than $25 million. The venture was led by top names in Silicon Valley from Goldman Sachs, GV, Silicon Valley Bank and Kleiner Perkins. The startup announced that it had closed the round of funding and was planning to launch an expansion campaign. The expansion would involve leveraging blockchain technology for secure, fast and affordable international money transfer. The expansion may involve finding a better network infrastructure for each fund transfer.
Veem Technology
Veem entered the global payment space in 2014 and has been focused on revolutionizing payment methods. It is also among the first firms to integrate blockchain technology with financial payment methods to ensure secure transactions. The firm’s technology is based on a multi-rail payment platform built on top of a distributed ledger.
CNBC reports that the firm uses blockchain for more than two-thirds of its transactions. The volume of transactions has doubled within four years of operations. Such growth makes it one of the rapidly developing enterprises in blockchain technology.
The blockchain space has not been associated with a lot of real-world applications of the distributed ledger. The developments are however growing each day with startups finding real-world solutions through the technology. Marwan Forzley sold his first startup to Western Union and went on to build Veem. Forzley was set to simplify cross-border wire transfers and payment to vendors and contracts. The company was initially known as Align Commerce and would use Treasury, SWIFT and Blockchain.
The treasury is a method of payment that incorporates transfer of money across banks. Veem must be controlling the banks for them to be legible. However, with SWIFT, transactions are easily trackable and settlements happen outside bank working hours. The only challenge when it comes to the Veem blockchain is the necessity to have enough demand on the receiving end. With enough demand, it means the transactions will be affordable and less expensive.
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