On 26th September, an official post published by Veem stated that banking mogul Goldman Sachs along with GV [formerly Google Ventures] were some of the major investors who funded the Bitcoin [BTC] payment startup Veem. The global payment platform was founded by Marwan Forzely who had left Western Union in 2014 to start Align Commerce which is currently known as Veem.
Reportedly, Veem had successfully raised $25 million through a strategic funding round led by Goldman Sachs. Furthermore, this has been the most prominent funding the company got from May 2015. In addition, Rana Yared, the Managing Director of Goldman Sachs will be acting as a board observer for Veem.
The main aim of Veem was to ensure small business owners were not exploited by paying high fees for international payments. Small businesses which were using Swift technology often had to pay heavy fees and the technology lacked transparency and security. Veem, on the other hand, offered multi-rail payments to ensure security and low processing fees. The report stated that Veem would use Bitcoin to connect its clients with buyers and sellers.
According to the report, Veem had 590 customers in the series A round of funding. The series B round of funding gave Veem 18000 customers. It also stated that Veem’s customer base had spread over 96 countries with 80,000 business subscribers. Marwan Forzley stated:
“We’re thrilled to have Goldman Sachs lead our investment round. This funding will help us expand our footprint, increase our distribution and form new strategic partnerships”
Goldman Sachs’s investment Group has been focusing on blockchain companies which can potentially improve service for the bank’s clients. The report stated that The Principal Strategic Investment Group had also invested in Circle, a payments startup and Axoni, an infrastructure provider.
The general partner of GV, Karim Faris stated that they were not investing in Veem for a strategic purpose but they saw an opportunity to create a unique business through which they would either make a good profit while selling or eventually start an IPO.
Veem’s main agenda was to support a global network of small businesses which could be connected through seamless payments. Frozley stated:
“Whatever you do in life, at the end of the day there’s a payment…Payment technology is at the core of what people do and their livelihood”
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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.
According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.
Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,
“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,
“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
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