We present an elegant application of matterwave interferometry to the velocimetry of cold atoms whereby, in analogy to Fourier transform spectroscopy, the 1-D velocity distribution is manifest in the frequency domain of the interferometer output. By using stimulated Raman transitions between hyperfine ground states to perform a three-pulse interferometer sequence, we have measured the velocity distributions of clouds of freely-expanding $^{85}$Rb atoms with temperatures of 33 $\mu$K and 17 $\mu$K. Quadrature measurement of the interferometer output as a function of the temporal asymmetry yields velocity distributions with excellent fidelity. Our technique, which is particularly suited to ultracold samples, compares favourably with conventional Doppler and time-of-flight techniques, and reveals artefacts in standard Raman Doppler methods. The technique is related to, and provides a conceptual foundation of, interferometric matterwave accelerometry, gravimetry and rotation sensing.