Popular Cryptocurrency system outlet, Blockdaemon has announced the procurement of Crypto Technology organization, Gem. The organization through its official page said “Today, Blockdaemon is proud to announce the acquisition of Gem, a pioneer of crypto onramp technology and digital identity services. Gem offers a frictionless way for businesses to onboard crypto into their applications, letting developers connect crypto assets and users with just a few lines of code.”
“Our robust ‘node stack’ underpins this mission. It grants financial institutions seamless access to industry leading, high assurance blockchain infrastructure. Today, Blockdaemon’s node stack supports the flow of data and value across dozens of financial institutions and millions of customers. All with 99.99% uptime.” A message on its official page reads. However, The nature of the procurement is unknown at the moment.
Furthermore, The CEO of Blockdaemon, Konstantin Richter describes the innovation as an attempt on the company’s path to growth. He added that the company hopes to provide a complete node package for exchange platforms. The package entails improving return nodes through liquidity and staking, outstanding Availability clusters, abstraction APIs among others. He furthered that Blockdaemon also hope that the deal will be able to improve its services.
Additionally, The CEO revealed why the organization ventured into the procurement. He said it sorely aimed at improving profits for Blockdaemon through expenditures on its network, and on-and-off ramping of fiat. He also said Crypto on-ramps are not quite good, and he expects that a proper on-ramp should provide a lucrative return. Richter added that the new on-ramp will provide an alternative means of revenue via transactions for Blockdaemon.
Also, Konstantin Ritcher explains how ‘Gem’ is similar to ‘Stripe’. He said it also offers convenient means of transferring investments between a different exchange, payment, or yield outlet.
What is Gem
Gem is an application programming interface (API) organization that provides a link among fiats and virtual currency. It also provides users support services that help users stay connected to service providers. Above all, the organization is popular for its distinctive trade data aggregation service.
How Blockdaemon works
Blockdaemon is a blockchain node system that allows investors to stake and emplace nodes with secured backing and policing. The network accommodates over 48 blockchain systems and it is adopted by trading platforms, organizations within and outside the crypto set-up.
Therefore, following the procurement, Blockdaemon is expected to adopt Gem on its structure. This will expose investors from different countries to more than 40 cryptocurrency. Lastly, the procurement succeeded the organization’s $207 series C fundraising at the beginning of the year, thus summing to $3.25 billion.