Veem is a next-generation payment service provider (PSP) for global commerce. Veem provides a platform that enables small businesses to send and receive payments in local currency. Using blockchain as a payment rail, the company eliminates the need for intermediary banks, reducing costs for small- and medium-sized businesses. It converts the sender’s funds into bitcoin, selling the digital currency at an exchange for the desired currency of the recipient. Veem was founded in 2014 and is based in San Francisco, California.