58.9 F
Los Angeles
Tuesday, May 17, 2022

Bitcoin Development Platform Gem Raises $7.1 Million

Bitcoin development platform Gem of Venice has raised a $7.1 million Series A round.

Gem’s technology promises to make using bitcoin, and its underlying infrastructure named blockchain, easier by simplifying the cryptocurrency’s integration into mobile apps and websites. The company has developed a plug-in that allows app developers to use bitcoin without expertise in cryptography or bitcoin protocols.

Gem believes bitcoin’s encryption and community supported infrastructure will allow users to transact more securely and cheaper than current financial systems. The company is targeting integration of its technology into finance, health care and other data-reliant apps.

“We believe blockchain technology will transform how people and companies interact,” Chief Executive Micah Winkelspecht said in a statement. “It will underpin entire industries and one day produce a blockchain economy that will form the underlying architecture of our daily lives.”

Founded in 2014, Gem had previous raised $4.9 million in seed funding. The Series A round was led by Pelion Venture Partners, with participation from KEC Ventures, Blockchain Capital, Digital Currency Group and RRE Ventures.

Technology reporter Garrett Reim can be reached at greim@labusinessjournal.com. Follow him on Twitter @garrettreim for the latest in L.A. tech news.

Previous articleSnapchat to Shutter Lens Store
Next articleStocks Down

Featured Articles

Related Articles