After $25M Funding Alphabet Inc. VC Firm Says This Startup of Bitcoin ‘Could Be First To IPO’

By
Abel Cleland
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Goldman Sachs and GV (formerly known as Google Ventures) are midst foremost investors in a $25 million funding sequence and also confirmed in September 27 that was for Bitcoin payment network startup Veem.

Google, Goldman Sachs Bet On Bitcoin Payments

CEO of Veem Marwan Forzley confirmed the efficacious funding round when speaking to Forbes, which is the most noticeable yet since the company first initiated raising funds back in May 2015.

Forzley declared to the publication that “What’s important about this round is the acknowledgment of the size of the opportunity, the size of the market, the size of the pain point that we’re solving for.”

And it’s an endorsement of the growth that we’re experiencing.

Veem has gone from under 600 clients in 2015 to over 80,000. This indicates the enduring belief that using cryptocurrency as a means of defeating banks on bulk payments is a practical long-term business model.

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Not just Bitcoin $6486.37 -0.03%, but properties such as Ripple (XRP) $0.52533 +1.29% and Stellar (XLM)$0.25101 +0.42% are also rewarding the requirements of market participants, the company related with former last week portending its xRapid cross-border payment system would go live within the next month.

‘IPO Down The Line’?

Concurrently, banks have responsively recognized their restlessness at the outlook of losing custom from the well-paid payment sector in this manner.

JPMorgan, the global investment titan disreputably cynical on crypto, has proclaimed its tailor-made Blockchain platform the Interbank Information Network (IIN) had fastened as a way of keep business “in-house”nearly to 75 major institutions.

“Payment is one of the divisions that banks concern most about in terms of relinquishing to non-bank competition,” an analyst at the bank spoken the Financial Times Tuesday.

Veem’s investors meanwhile have an expectation to upward trend on the future, GV general partner and Veem board member Karim Faris advising the company could be converted into the “first” Bitcoin venture to launch an initial public offering (IPO).

“It’s definitely not a strategic thing,” he said about the investment impetus.

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.

 

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