AdobeStock 206020871 775x500 - Crypto Adoption This Week: Austria, Veem Investments, IOTA In Insurance

Crypto Adoption This Week: Austria, Veem Investments, IOTA In Insurance

From Goldman Sachs, GV, and Pantera Capital investing in Veem to Austria planning to utilize the Ethereum Blockchain, to a new proof of concept demo that shows how IOTA’s DLT can be used to switch an insurance provider automatically; here are three stories of crypto adoption coming out this week.

Veem Aims To Transform Global Payments System

We start off with Panthera Capital, Goldman Sachs and GV (formerly known as Google Ventures) who are reportedly investing in a new Bitcoin-based startup; Veem. The new startup will take over the 40-year-old SWIFT banking network using Bitcoin to connect different bank accounts to various suppliers and customers.

The payment platform will now move into the increasingly competitive space among other fintech startups as they try to build the future of international payments on the distributed ledger technology.

In a blog post the company wrote:

“Our multi-rail payments platform ensures speed, security, and the lowest possible fees by finding the perfect route for any particular transfer.”

The company adds that its just getting started and its customer base has grown to over 80,000 small businesses in around 96 countries.

Austria To Use Ethereum For Bonds Tracking

In another exciting development, Austria is planning to utilize the Ethereum blockchain to help with monitoring of more than $1 billion in government bonds. The Next Web reports that the Ethereum network will now be used to authenticate bonds that are up for auction.

“Ethereum will pull data about the bonds from the Auction Procedure for Federal Bonds of the Republic of Austria (ADAS). It will then notarize the bonds as a HASH value in Ethereum’s blockchain. The Republic of Austria guarantees the bonds and the Luxembourg Stock Exchange lists them.”

The version of the Ethereum blockchain that the Austria government is using will store conditions of bonds in a trustless manner, and this will make it easy to confirm authenticity.

IOTA Helps Insurance Data Accuracy

In yet another development, a new proof of concept demo has illustrated how IOTA’s blockchain can be used to automatically switch an individual’s car insurance provider from how safely he or she drives the car.

When implemented, the automated tech will choose the best deal and use IOTA tokens to pay for insurance.


Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology

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