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Blockdaemon acquires crypto gateway Gem, unveils staking slashing insurance coverage

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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.

Bringing Additional Peace of Mind to Users

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.

The post Blockdaemon acquires crypto gateway Gem, unveils staking slashing insurance coverage appeared first on CryptoNinjas.

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