• Gem, a cryptocurrency onramp company, has been acquired by Blockdaemon

  • Blockdaemon, a leading blockchain infrastructure platform, has purchased crypto 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 bridges between fiat and digital assets.

    In addition, the company provides a trade data aggregation service as well as a know your customer (KYC) solution.

    Users can stake, scale, and deploy nodes with institutional-grade security and monitoring using the Blockdaemon blockchain node infrastructure.

    The platform, which is primarily utilized by exchanges, custodians, crypto platforms, and financial institutions, supports over 50 blockchain networks.

    “We intend to provide the whole node stack for institutions, including dedicated instances, high availability clusters, abstraction APIs, yield earning nodes through staking, and liquidity.”

    Konstantin Richter, CEO of Blockdaemon, told CoinDesk in an interview.

    “Another area we believe nodes should address, and which is very important to our institutional customer base, is fiat on and off-ramps.”

    According to Richter, crypto on-ramps are frequently “terrible and poor goods,” but a good on-ramp provides a new stream of transaction-based revenue.

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

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

    “[Gem] makes it incredibly easy for users to take cash from anyplace and connect them to another payment or yield earning platform, similar to Stripe,” Richter explained, explaining why Blockdaemon made the deal.

    “Ultimately, it’s transaction-based revenue for payments and fiat on- and off-ramping.”

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