Blockdaemon Acquires Crypto Onramp Company Gem

Blockdaemon Acquires Crypto Onramp Company Gem

Blockdaemon Acquires Crypto Onramp Company Gem

Leading blockchain infrastructure platform Blockdaemon has acquired crypto on-ramp company Gem for undisclosed terms.

Gem is an application programming interface (API) company that offers fiat-to-crypto onramps and offramps, or bridges between fiat and digital assets. The company also offers a trade veri aggregation service and a know your customer (KYC) solution.

The Blockdaemon blockchain node infrastructure allows users to stake, scale and deploy nodes with institutional-grade security and monitoring. The platform supports more than 50 blockchain networks and is primarily used by exchanges, custodians, crypto platforms and financial institutions.

“We aim to provide the full node stack for institutions, which includes dedicated instances, high availability clusters, abstraction APIs, yield earning nodes via staking and liquidity.” Blockdaemon CEO Konstantin Richter told CoinDesk in an interview. “The other area that we think nodes should cover, and that are very relevant to our institutional customer base, are fiat on and off-ramps.”

Crypto on-ramps are often “bad and poor products,” said Richter, but a good on-ramp offers a new source of transaction-based revenue.

The acquisition follows Blockdaemon’s $207 million Series C funding round earlier this year at a $3.25 billion valuation.

Blockdaemon will integrate Gem’s embeddable user interface (UI) flows and API that lets users purchase over 40 cryptocurrencies from 125 countries through the on-ramp services, which are used by the likes of decentralized finance platform Celsius and payments platform MoonPay.

“[Gem] makes it very easy for people to take funds from anywhere and connect them and put them into another payment or yield earning platform, a little bit like Stripe,” Richter said, explaining why Blockdaemon made the acquisition. “It’s ultimately transaction-based revenue for payments and on- and off-ramping of fiat.”

Click to rate this post!
[Total: 0 Average: 0]

Join Our Newsletter

Sign up for free now and be the first to know about new updates.

Write a Comment