Blockdaemon, the leading institutional-grade blockchain infrastructure company for node management and staking, announced it has acquired Gem, a leading cryptocurrency API company with a fiat-to-crypto on-ramp and a comprehensive trade data aggregation service for tracking crypto investments from a single location. The acquisition follows Blockdaemon’s recent Series C of $207 million with a post-money valuation of $3.25 billion.
“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”
“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,” said Konstantin Richter, CEO and founder of Blockdaemon.
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Blockdaemon will be integrating Gem’s robust, embeddable UI flows and API, which will enable users to seamlessly purchase over 40 cryptocurrencies from 125 countries through the company’s Onramp service. Gem’s latest product Connect will allow users to connect to and transact with more than 2,000 cryptocurrencies across 20+ exchanges and custodians, and see a comprehensive stream of transaction data once integrated into the Blockdaemon platform. As part of the deal, Blockdaemon will take advantage of all of Gem’s flagship products including its Onramp solution, its Connect API, its KYC Passport, and more.
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“I am absolutely delighted to continue Gem’s journey at Blockdaemon, which has established itself as the leading infrastructure provider powering the crypto economy,” said Micah Winkelspecht, Gem Founder and CEO. “Our united teams and products will be a formidable combination to serve both institutional and retail users of cryptocurrency.”
Galaxy Digital Partners LLC is serving as the exclusive financial advisor and Cooley LLP is acting as legal advisor to Blockdaemon.
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