BTC Messaging Startup GetGems Bags $400k From Israel’s Magma VC

Bitcoin-driven social messaging startup GetGems has secured US$400,000 is seed funding from Israel’s Magma Venture Partners.

GetGems is a social messenger service that includes a secure Bitcoin wallet and further rewards users of the messaging service with GEMZ – a cryptocurrency on top of the Bitcoin blockchain.

GetGems offers encrypted messaging and hopes to provide a easy method for non-tech oriented users to hold a secure Bitcoin wallet as well as transfer value to other users of the GetGems service.

Magma Venture Partners is a leading Israeli venture capital firm that seeks to invest in innovative ICT ventures in the earliest stages.

GetGems Founder Daniel Peled stated that:

The Team and I are super excited to work with the people and resources of Magma VC. They are well known for their venture capital support for the ever popular Waze, another Israel based tech company

Magma’s Managing Partner and Co-Founder Modi Rosen commented:

The combination of social messaging, and the transfer of value, is something we strongly believe in. GetGems is in a unique position to introduce Bitcoin Wallet and other new crypto-currencies to the wider consumer base. We’re very excited to be part of the journey and look forward to what’s next

Through the sale of the alternative cryptocurrency GEMZ, GetGem’s crowdfunding campaign on the Koinify platform has thus far raised 2250 BTC – approximately US$600,000.

A beta version of the social messaging app can be found on the Google Play store