In yet another instance of established, long-standing firms investing in blockchain based assets and services, titans such as Goldman Sachs and Google are now backing up Veem, a startup that incorporates blockchain technology to make money transfers more convenient.

The firm led by Marwan Forzely (who formerly owned eBillme, which he sold to Western Union) uses three methods to ease transactions: Treasury, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and blockchain. The first one is supposed to be used to move money between bank accounts that are in control of the company, whereas SWIFT refers to the traditional mode of payments as employed in banks. The third mode, the one that has attracted the most interest, is using blockchain to perform fund transfer quicker and easier.

To use Veem, one needn’t have to possess bitcoins, as they make use of an algorithm which “helps in routing transactions along the most secured payment rails with reliance on cryptocurrency”. Veem stands on a whopping $69.3 million worth of investment pitched in by various companies, which find their built-in ‘stickiness’ model promising.

The high-profile investors include Silicon Valley Bank, Goldman Sachs, Google Ventures, Kleiner Perkins, Pantera Capital, and Trend Forward. With all that support, it is no wonder that Veem has seen a 13000% increase in customer base over the last three years.

In the words of Google Ventures’ general partner, Karim Faris, “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.” Faris has also been included in Veem’s board as a non-voting member.

Last year, Veem also announced the launch of its API. This is said to pave way to the further expansion of the firm to more countries and complement its multi-track approach to aiding money transactions.

Forzely had said during the announcement that,

“We’re all accustomed to experiences where payment and commerce easily work together. Veem is bringing that integrated experience to businesses with our API.”

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