Blockdaemon Expands Presence in Crypto Market, Acquires Gem

The global crypto acquisitions are on the rise again. The institutional-grade blockchain infrastructure company for node management and staking, Blockdaemon announced today that it has acquired Gem, a crypto API firm.

For the mentioned transaction, Galaxy Digital Partners is serving as an exclusive financial advisor to Blockdaemon. Cooley LLP on the other hand is acting as a legal advisor.

The acquisition news from the company came approximately 6 weeks after the blockchain firm raised a whopping $207 million in its Series C funding round. Additionally, Blockdaemon received a valuation of $3.25 billion. Though, Sapphire and Tiger Global led the funding round in January.

Gem offers different cryptocurrency API-related services, including a fiat-to-crypto on-ramp and a comprehensive trade data aggregation service for the tracking of digital asset investments from a single location.

“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,” Konstantin Richter, the CEO & Founder of Blockdaemon, commented on the acquisition.

Integration

Blockdaemon outlined that the integration of Gem’s efficient UI flows and API will support customers in the purchase of more than 40 digital currencies from 125 countries via the onramp service of the company. As part of the latest deal with Gem, Blockdaemon will take advantage of the company’s flagship products, including its Connect API.

“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’s Founder and Chief Executive Officer. “Our united teams and products will be a formidable combination to serve both institutional and retail users of cryptocurrency.”