In the cryptocurrency world, you never know what’s is going to happen from one day to another. Even behemoths like Google can experience a change of heart. It looks like Google is now going full love on crypto. After partially lifting its ban on cryptocurrency ads in USA and Japan for “registered” exchanges, its venture arm is now investing into a payment and remittance startup called Veem, that has experienced an exponential growth since 2015.
But not only Google put his money on the table for this wire startup, but also financial institutions like Goldman Sachs and another cryptocurrency related investment firms like Pantera poured their money into it. But what does this crypto startup has that these giants are so interested in?
Veem is a wire and payment startup that promises the lowest fees in sending money abroad by using cryptocurrency as a vehicle to move your funds from an account to another. To put it in perspective, if you want to do a bank wire normally today, you would have to pay a hefty fee due to the use of a system called “SWIFT”. That is a system that relies on multibank accounts to move the money from one bank to another, having to jump from multiple accounts, with fees that could reach $30 per wire. What Veem tries to make is to leverage the power of cryptocurrency to link two accounts without having to deal with intermediate third parties, thus lowering fees in a big way.
The startup has had an exponential growth: in just three years they have gone from less than a hundred users to an amazing user base of more than 80,000 this year. They will be using this new influx of money to improve their infrastructure and also to achieve new strategic partnerships, according to Marwan Forzley, CEO of Veem. The future certainly looks bright enough for them, and the use case that they leverage for cryptocurrencies is a solid one. With such giants backing them up, growth is on the horizon for Veem.