TL;DR Breakdown
- For undisclosed amounts, Blockdaemon has acquired a crypto on-ramp firm.
- Gem will be integrating Blockdaemon’s robust and embeddable UI flows and API.
- The company offers 40 cryptocurrencies for 125 countries.
The enterprise-grade blockchain infrastructure firm for node management and staking, Blockdaemon, has acquired Gem, a cryptocurrency API firm with a fiat-to-crypto on-ramp and comprehensive trade data aggregation service for monitoring crypto investments from a single location. Following its recent Series C of $207 million, with a post-money valuation of $3.25 billion, the acquisition comes as no surprise.
In a move that is sure to bolster its crypto services, Blockdaemon continues to expand its operations with this acquisition. The acquired company is a New York-based startup that operates a crypto on-ramp, allowing users to buy and sell cryptocurrencies.
With this acquisition, Blockdaemon will be able to offer a wider range of services to its clients, including the ability to buy and sell cryptocurrencies. In addition, the acquired entity has a team of experts that will be able to help Blockdaemon further develop its platform and services.
“This acquisition is an important step in our mission to make it easy for businesses to get into cryptocurrency,” said Sacha Levine, CEO of Blockdaemon. “With Gem’s experience and expertise, we can provide a better experience for our clients and continue to build the best platform for crypto-businesses.”
This acquisition is another sign that the cryptocurrency market is maturing and becoming more mainstream. As businesses become more interested in cryptocurrency, platforms like Blockdaemon will become increasingly important.
With this acquisition, Blockdaemon looks poised to become a leading player in the crypto space.
About Blockdaemon
Blockdaemon is an enterprise-grade blockchain infrastructure firm for node management and staking. Blockdaemon integration will utilize Gem’s embeddable user interface (UI) and API, allowing customers to buy over 40 cryptocurrencies from 125 countries through on-ramp services such as Celsius and MoonPay.
About Gem
“Gem allows people to receive money from anywhere in the world and connect it with another payment or yield-earning platform, similar to Stripe,” Richter said, describing why Blockdaemon proceeded with the acquisition. “It’s a transaction-based revenue stream for payments and fiat on and off-ramps,” the spokesperson added.
“I’m ecstatic to continue Gem’s journey at Blockdaemon, which has become the standard-bearer for infrastructure in the crypto economy,” said Micah Winkelspecht, Gem Founder and CEO. He added that their combined teams and products would be a force to be reckoned with both institutional and retail consumers of cryptocurrency.
