Blockdaemon acquires crypto gateway Gem, unveils staking slashing insurance coverage

Blockdaemon, an institutional-grade blockchain infrastructure company for node management and staking, today announced it has acquired Gem, a cryptocurrency API company with a fiat-to-crypto on-ramp and a comprehensive trade data aggregation service for tracking crypto investments.

As part of the deal, Blockdaemon will take advantage of all of Gem’s flagship products including its on-ramp solution, its Connect API, its KYC Passport, and more. The acquisition follows Blockdaemon’s recent Series C of $207 million with a post-money valuation of $3.25 billion.

Moreover, Blockdaemon also announced today the rollout of a new insurance policy that protects Blockdaemon customers if Blockdaemon experiences a system failure or security failure that causes:

• Slashing event – where contractual penalties are imposed or seized by a blockchain network because of a protocol violation based on the availability of Blockdaemon’s services; or
• Double-signing event – where the validation of two or more different blocks at the same section of a particular blockchain network results in liability.

As part of the offering, Blockdaemon has designed a claims process where it will work with the insurance carrier to determine the cause and amount of loss in a quick, streamlined fashion.

Currently, Blockdaemon offers connections to over 50 blockchain protocols. Of these, Blockdaemon services over 25 proof-of-stake networks. With so many protocols under management, Blockdaemon’s number one priority is to ensure clients are totally protected across the board.

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