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Goldman Sachs and Google Ventures invest in Bitcoin payment startup

Ajay Narayan

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30 Bitcoin [BTC] ATMs to be launched in Argentina to slowdown aggravating inflation
Source: Unsplash

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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Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.

Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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