Blockchain News

Fintech project supported by Google utilizes BTC for international transactions

Fintech project supported by Google utilizes BTC for international transactions
Sep 28, 2018 by Rico Wise

Veem, which is an international transactions network, utilizing BTC for fund transferring between the businesses without the involvement of banking institutions, has successfully attracted major investments through a fundraiser, with the latest round being led by Goldman Sachs.

The project stands out because of its feature, which allows performing the transactions even without the necessity to directly possess BTC currency. Over the past 12 months, Veem has increased its revenue by 4 times. Among other prominent financiers, which took part in the fundraiser were GV, Silicon Valley Bank, Kleiner Perkins, Trend Forward Capital, and Pantera Capital.

Veem has been created by Marwan Forzely, who is known for the development and further selling of a service to Western Union, which facilitated direct connection of customer bank accounts for the transfer provider. Now, Veem utilizes an algorithm that allows automating the process of routing transactions amongst the most effective settlement rails.

The process of onboarding will see more automation deployed, ensuring better regulatory compliance with AML/KYC policies. So far, Veem is rapidly winning the popularity among more and more users, and its opportunities to develop into a better service are only confirmed by its successful fundraising rounds.

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