Bitcoin Start-up Veem Secures Investment Led by Goldman Sachs and Google
Goldman Sachs and Google have reportedly jointly invested for Bitcoin start-up Veem. The investment is to develop a payments service that doesn’t rely on a series of correspondents to move money doing away with intermediary banks directly connecting clients, suppliers and customers directly.
The system is designed so a user is not required to buy Bitcoin or hold it directly for the transaction. Veem will use an algorithm to automatically direct transactions down the most efficient payment channel. The algorithm will automatically buy crypto to use as the intermediary for the transaction before converting to the receiving currency.
Veem has experienced rapid growth which has seen investment from Goldman Sachs GV (Google Venture), Silicon Valley Bank, Pantera Capital and more. Some investors might be buying Bitcoin to use as a means of payment, but the true potential could be realised in a payment service by using the underlying asset without exposing the client.
This model is what Veem has built their platform on. They can utilise the speed and efficiency of cryptocurrencies for customers whilst eliminating concerns of volatility. The Veem algorithm will buy and sell cryptocurrency without any involvement from the client.
Veem has shown some strong interest from some of the biggest investment firms out there. With continued development to the platform, they are sure to make headway into the payments service industry.
Be sure to head over to BC Bitcoin to buy crypto from your trusted UK cryptocurrency broker. Remember to check out our informative articles!
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
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