Bitcoin Startup Align Commerce Raises $24 Million, Rebrands as Veem
The company formally known as Align Commerce has raised $24m as part of its plan to simplify global fiat currency payments using the bitcoin blockchain. Now rebranded as Veem, the company that aims to make bank wire transfers extinct, will first use the new funds to usher in two-way transactions in all of the countries it already does business with. Then, later this year, the company plans to spend additional resources leveraging an upcoming hiring spree to accelerate the rate it expands into additional markets. But perhaps the most dramatic change going forward could be the addition of a....
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In April, Bitcoin Magazine reported that global payment provider Align Commerce launched a public beta of its payments platform, the first in the industry to use the Bitcoin blockchain transparently to enable faster and cheaper global payments. Transactions appear as traditional payments at both the sending and the receiving end, but Align Commerce pipes the transfer through the blockchain instead of using several intermediate banking relays, halving both time and cost of traditional international wire transfers. Now Align Commerce announced that it has raised a $12.5 million Series A....
Align Commerce, a San Francisco, Calif. -based cross-border payments service provider that exchanges a payer's fiat currency into bitcoin, then exchanges it into the payee's currency, has raised $12.5 million in Series A funding by Kleiner Perkins Caufield & Byers, according to today's Wall Street Journal. Align Commerce's money transfer model avoids the "cumbersome" bank wire process for payments, according to CEO Marwan Forzley, who started the company after serving as general manager at Western Union. The company can also offer features like tracking fund movement in real time and....
Align Commerce, San Francisco-based Blockchain payments processor announced the closure of a Series A funding round on Tuesday, November 17, with $12.5 million led by Kleiner Perkins. This marks the first time Venture Capital firm Kleiner Perkins Caufield & Byers (KPCB) has invested in a Bitcoin startup. Randy Komisar, KPCB general partner and co-founder of Claris Corp., who will also be joining Align’s board said: Align is a cross-border payments startup launched in January 2015 that allows its customers to use both traditional and blockchain financial opportunities for small and....
Blockchain payments startup Align Commerce has raised $12.5m in Series A funding led by storied Silicon Valley investment firm Kleiner Perkins Caufield & Byers (KPCB). Rounding out the all-star cast of investors were first-time and repeat firms including Digital Currency Group, FS Venture Capital, Pantera Capital, Recruit Ventures Partners and SVB Ventures, the investment arm of Silicon Valley Bank. Founded by Marwan Forzley, a former Western Union general manager, Align Commerce is seeking to disrupt the small business (SMB) cross-border payments market, one it believes is characterized....
The bitcoin blockchain can be utilized to store transaction records in its public ledger database, but that is far from its only use case. Novel real-world applications in the fields of smart contracts and intellectual property rights have begun to surface, providing a glimpse of the kinds of future technologies many believe cryptocurrencies can help society unlock. Still, the most immediate use for the technology has been for payments, and with this is mind, startup Align Commerce intends to use bitcoin as a 'container' to move fiat currency quickly and easily across borders. Relying on....