Blockchain infrastructure platform Blockdaemon announced on Wednesday that it has acquired Gem, a popular cryptocurrency on-ramp company.
Gem is an API (application programming interface firm) that provides fiat-to-crypto offramps and onramps, or bridges between digital assets and fiat currencies. The firm also provides know your customer (KYC) solution and a trade data aggregation service.
Los Angeles headquartered Blockdaemon is therefore set to integrate Gem’s robust, embeddable UI flows and API, which will enable its users to seamlessly buy more than 40 cryptocurrencies from 125 countries through the company’s onramp service. Once integrated into the Blockdaemon platform, Gem’s latest product Connect will enable Blockdaemon users to connect to and transact with more than 2,000 cryptocurrencies across 20+ exchanges and custodians, which will see a comprehensive stream of transaction data. As a result, Blockdaemon will take advantage of all of Gem’s major products including its Onramp solution, its Connect API, its KYC Passport, and many more.
Konstantin Richter, CEO and founder of Blockdaemon, talked about the development and said: “With our acquisition of Gem, Blockdaemon is welcoming to our fold the brilliant Micah Winkelspecht, Gem CEO and long-time cryptocurrency entrepreneur, along with an extremely talented team of engineers and product people. As a result, Blockdaemon will immediately generate transaction-based revenue, a key strategic business model for us going forward.”
Building Better Blockchain Infrastructure
Founded in 2017, Blockdaemon continues to perform its mission as a node management platform that works to empower businesses to efficiently manage their blockchain applications. The company’s platform enables merchants, businesses, and developers to quickly deploy blockchain applications and simplify peer-to-peer network management.
In January, Blockdaemon raised $207 million in a Series C funding round to accelerate the development of its products. Exchanges, custodians, crypto platforms, financial institutions, and developers use the Blockdaemon platform to connect commercial stakeholders to blockchains. Through this, Blockdaemon powers the blockchain economy by creating scalable enterprise blockchain solutions and simplifying the process of deploying nodes via APIs, auto-healing of nodes, auto-decentralization, and high availability clusters.
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