Gem, a developer of an API platform for integrating Bitcoin into apps and services, has raised an additional $1.3 million in a funding round led by KEC Ventures.
In addition to the funding, Gem has revealed that its multi-signature wallet API is now out of private beta and available to any developer globally.
Gem indicates that this release is in accordance with its mission to eliminate security issuse, shorten the learning curve and make Bitcoin friendly to every developer, everywhere, regardless of what they are building. Multi-signature wallets, key generation and storage, broadcasting transactions to the blockchain, and the security required to keep bitcoin safe are all accessible capabilities for developers.
Micah Winkelspecht, Gem CEO and Founder, commented:
We’ve been speaking a lot with our beta customers, and they’ve told us repeatedly that our API has freed up their development resources to focus on building experiences their customers love. They also feel they can sleep better at night knowing their customers’ bitcoins are safe. They feel empowered, and that was our goal.
According to Gem, the broad release of its API comes with the following features and capabilities:
- Unlimited transactions
- 2-of-3 multi-signature security (BIP11/BIP16)
- Hardware Security Module (HSM) cosigning protection
- Hierarchical deterministic (HD) wallet (BIP32/BIP43/BIP44)
- Client SDKs in multiple languages (Ruby, Java, Python, Node.js)
- Webhook notifications
- Multi-factor authentication
- Fraud monitoring and rules enforcement
- Chat support
Gem COO Ken Miller added:
Bitcoin is new technology, and let’s be honest, a lot of the essentials required to use it are rough to figure out and can take a lot of manpower. There are enough adoption hurdles already without developers actually being incented not to integrate Bitcoin. So we decided to do something about that.
Gem’s API gives developers access to a platform that has true 2-of-3 multi-sig functionality, a sophisticated set of rules and monitoring to intelligently cosign transactions and prevent fraud, and key management within FIPS 140-2 Level 3 certified Hardware Security Modules (HSMs) that Gem introduced to the Bitcoin industry earlier this year, according to the company.
The entire banking world has been using HSMs for years to secure financial transactions, including Visa, MasterCard, American Express, and even Apple Pay. But until now, the Bitcoin industry hasn’t been using them because they weren’t designed for Bitcoin. We fixed that problem.
Gem’s additional $1.3 million in funding brings its total raised to $3.3 million. The new funding will be used to intensify Gem’s development and scale its services to meet the needs of developers globallyt. KEC Ventures led the add-on, with additional investment from First Round Capital, RRE Ventures, ECEG Partners, Birchmere Labs, Baroda Ventures, Amplify.LA, Tekton Ventures, Drummond Road Capital and angel investor Robert Wolfson.
Jeffrey Citron, Managing Partner at KEC Ventures, stated:
The growth of Gem’s platform in recent months has been really impressive. It’s great to see the impact of taking something as complicated as working with Bitcoin, and making it accessible to developers who might otherwise be turned off. It was clear Gem is fulfilling their mission to get Bitcoin in the hands of people everywhere.
Howard Morgan, Partner at First Round Capital, said:
The potential Bitcoin has to revolutionize payments is tremendous. We continue to be excited about the role Gem is playing to make that disruption happen quicker.
Founded in January 2014 as BitVault, Gem seeks to empower developers to rapidly build apps and solutions using Bitcoin and cryptocurrency without needing to be experts in cryptography, security or the underlying protocols, and provide bank-grade security on cryptocurrency for developer apps without ever taking possession of funds.