Blockchain-based payment initiative Veem receives $ 25 million investment in leadership of Goldman Sachs

A group of investors, led by US-based banking giant Goldman Sachs, invested $ 25 million in a blockchain-based payment initiative, Veem.

Taking advantage of “digital notebook” technology to increase the payment efficiency of small businesses, Veem stated in a press release, that they have completed an investment tour where GV (formerly known as Google Ventures), Trend Forward Capital, Extol Capital, Kleiner Perkins and Pantera Capital participated.

According to Forbes, Goldman Sachs invested in the name of “Principal Strategic Investment Group” so we can’t really say it is a “Goldman Sachs” investment. Rana Yared, the executive director of Goldman Sachs, will also be the only observer to be included in the board of directors of Veem without the authority to vote.

Veem plans to invest this last investment in integrating new partners into the system and providing services to “prevent money laundering and identify customers”.

Currently serving over 80,000 small businesses in 96 countries, Veem uses Bitcoin to match customers' bank accounts with vendors.

In August, Goldman Sachs led a $ 32 million B-series investment tour for Axoni, a corporate-based blockchain-based startup.

Goldman Sachs CFO Martin Chaves, who attended the TechCrunch Disrupt conference in San Francisco last week, said in his statement that he has to describe the reports on them dropping their action on cryptocurrency exchange as “fake news”.

Chavez who said “I never thought I’d hear myself actually use this term, but I’d really have to describe that as fake news.” also mentioned that they are researching the best ways for Bitcoin - Fiat transactions and that their clients specifically request this.