US banking giant Goldman Sachs conducted a $ 25 million strategic funding round for the blockhain Veem startup, also participating in Silicon Valley Bank's Cointelegraph on September 27th.
Veem, which uses digital ledger technology to increase the efficiency of payments for small businesses, noted in its press release that the funding round also received the participation of GV (formerly Google Ventures), Trend Forward Capital, Extol Capital, Kleiner Perkins and Pantera Capital, among other investors.
Forbes notes that Goldman Sachs has invested through its Principal Strategic Investment Group and that Rana Yared, CEO of Goldman Sachs, will sit on Veem's board as an observer without voting rights.
With this latest round of funding, Veem plans to develop new integrations with its partners, as well as "relying on more automation, including integrated protection against money laundering and customer know-how," Forbes reports.
Veem uses Bitcoin (BTC) to connect its customers' bank accounts with suppliers, processing over half of its transactions with cryptocurrency as a substitute for correspondents. In March, the startup blockchain concluded a $ 26 million series B round of financing. According to the press release, Veem now serves 80,000 small businesses in 96 countries.
In August, Axoni, a blockchain startup focused on the business, had raised $ 32 million in the Series B funding round that was also led by Goldman Sachs.
Recently, Goldman Sachs is said to have abandoned unconfirmed plans to start its cryptocurrency trading desk, reporting that Goldman Sachs CFO denied at the beginning of September:
"When we talked about the exploration of digital resources […] it would have been an exploration that would have evolved over time. Perhaps someone who was thinking about our activities here was very excited that we would turn the markets into main and physical Bitcoin, and as soon as they got to this they did some of the evolution, but it's not here yet. "