Gem raises an additional $1.3 million in a Seed extension round led by KEC Ventures

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Gem raises an additional $1.3 million in a Seed extension round led by KEC Ventures

Aiming to make Bitcoin simple and accessible for everyone, everywhere, Gem, announced that the company has raised an additional $1.3 million in a seed extension round led by KEC Ventures. Talking to media professionals Micah Winkelspecht, Founder and CEO of Gem, existing investors too participated in the seed funding.

The organization informs that some major names that came up during the seed funding round included First Round Capital, RRE Ventures, ECEG Partners, Birchmere Labs, Baroda Ventures, Amplify.LA, Tekton Ventures, Drummond Road Capital, and Robert Wolfson. So far, the company has raised a total of $3.3 million and counting.

Winkelspecht further informed that the company allows Bitcoin developers to adopt standard banking industry grade (FIPS 140-2 Level 3 certified) Hardware Security Modules (HSMs) for the first time in the industry. He added that the entire banking world has been using HSMs for years to secure financial transactions.

He cited the examples of Visa, MasterCard, American Express, and even Apple Pay; however, according to him until now, the Bitcoin industry hasn’t been using them because they weren’t designed for Bitcoin. Nonetheless, he confidently admits that his company has fixed that problem to great extent and offering the concrete solution for the users.

Comprehensive Bitcoin Solutions for End Users

Nonetheless, Gem started down that path by first making Bitcoin painless to work with for developers who all over are building products where they want to integrate Bitcoin and had no idea how to do that. Providing a scalable API for Bitcoin developers, has recently announced the launch of its developer API to the general public after about nine months in private beta.

As the company offers multi-signature wallets, multifactor authentication, key generation and storage, broadcasting transactions to the Blockchain, security, fraud monitoring and rules enforcement, etc. users realize that it is a real solution provider for Bitcoin. At the moment, Gem also supports multiple programming languages, including Ruby, Java, Python, Node.js.

Nonetheless, Gem stores all information related to customer Bitcoin assets on its servers in encrypted form; thus, neither the company nor the developers using the service have the ability to decrypt this information without private keys known only by the end user. Nevertheless, if the company’s servers are hacked, no funds will be lost.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com