Gem to launch All-In-One Crypto App

Blockchain startup’s platform to allow users to track, store, trade and discover cryptocurrencies

by Maya Bogdanova
24 April • 2,5 min
In News

California-based blockchain startup Gem announced on Thursday plans to launch an all-in-one cryptocurrency platform that will allow users to track, store, trade and discover digital assets on one app.

The platform is scheduled to start with a universal cryptocurrency portfolio that will launch in May as a public beta for Android. In the summer, Gem will introduce an iPhone version as well as a universal wallet that will initially support Bitcoin (BTC), Ethereum (ETH) and the ERC-20 token.

Gem said in its blog that instead of managing a variety of exchange and wallet apps, the platform will use the programming interface of the application to show an overview of users’ holdings. It will start with 22 crypto exchanges and will expand further. Portfolio users will also be able to manually track tokens held offline, in hardware wallets for example.

Gem will also seek to connect users with the wider crypto community through its “discovery tool,” which will provide information about 1,500 tokens, and act as “a gateway to the broader cryptocurrency community” via features such as social media tools.

In an attempt to enhance user-friendliness Gem has used data from surveys of both crypto investors and crypto newbies to create the design of the platform. The application aims to “bridge the gap between early adopters and mainstream users,” the blockchain startup added.

“We want to make it easier for people to be better informed about their choices in the space and really understand what they are investing in. It’s about giving power back to individuals and giving them direct access to the new distributed economy,” Gem founder and CEO Micah Winkelspecht said.

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Gem’s forthcoming comprehensive platform will rival the likes of Coinbase, which climbed to the top spot on Apple's App Store most-downloaded free app chart in December amid the Bitcoin frenzy. Another offering in this area is Abra, the first all-in-one app allowing users to buy, sell and hold across 20 cryptocurrencies and 50 fiat currencies.

Founded in 2013, Gem is well known in the blockchain industry, creating the first hardware purse for data centers with high throughput. It also became one of the first companies to get as customers large organizations as Philips, Capital One, Tieto, Toyota and other Fortune 500 companies. Among its main areas of work is the integration of blockchain technology into the financial industry and healthcare.

In January 2016, Gem closed an A Series investment round for USD 7.1 million, receiving funding from Pelion Venture Partners, KEC Ventures, Blockchain Capital, Digital Currency Group and RRE Ventures.