Coin Onramp Company Gem Has Been Acquired By Blockdaemon

Gem’s onboarding and offboarding solutions will be integrated into the blockchain infrastructure platform.

Blockdaemon, a leading blockchain infrastructure platform, has purchased cryptocurrency on-ramp business Gem for an unknown sum.

Gem is a provider of application programming interfaces (APIs) that provide fiat-to-crypto onramps and offramps, or connects money and digital assets. Additionally, the company provides trade data aggregation and a know your customer (KYC) solution.

With institutional-grade security and monitoring, the Blockdaemon blockchain node architecture enables users to stake, scale, and deploy nodes. The platform currently supports over 50 different blockchain networks and is largely utilised by exchanges, custodians, cryptocurrency platforms, and financial institutions.

“Our goal is to supply institutions with a complete node stack, including dedicated instances, high-availability clusters, abstraction APIs, and yield-earning nodes via staking and liquidity.” Konstantin Richter, CEO of Blockdaemon, told. “The other area we believe nodes should serve, which is critical for our institutional customer base, is fiat on- and off-ramps.”

While cryptocurrency on-ramps are frequently “terrible and awful products,” Richter said that a well-designed on-ramp can provide a new stream of transaction-based revenue.

The acquisition comes on the heels of Blockdaemon’s $207 million Series C investment round earlier this year, which valued the company at $3.25 billion.

Blockdaemon will incorporate Gem’s embeddable user interface (UI) flows and API, which let users to acquire more than 40 cryptocurrencies from 125 countries via on-ramp services utilised by decentralised finance platform Celsius and payments platform MoonPay.

“[Gem] makes it really simple for anyone to accept cash from anyplace and connect them to another payment or yield earning platform, similar to Stripe,” Richter explained as to why Blockdaemon acquired Gem. “Ultimately, it’s transaction-based revenue for payments and fiat on- and off-ramps.”

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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