Gem launches its easy-bake Bitcoin security platform to help mainstream the cryptocurrency

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Bitcoin application development platform Gem just launched at TechCrunch Disrupt. The company boasts an API that allows developers to build Gem’s security infrastructure into Bitcoin apps. Gem believes its quick-to-deploy security features will help accelerate development around Bitcoin applications.

 

"The major issue plaguing the digital currency community is security, and our goal is to dismantle fear surrounding digital currency and educate mainstream consumers on how they can maintain their currencies and other electronic assets with better security and ease-of-use," said Micah Winkelspecht, CEO and Founder of Gem, in a statement.

 

Gem believes that the Bitcoin economy is stalled right now under the weight of security concerns. For example, Mt. Gox, the former Tokyo-based Bitcoin currency exchange once processed 70 percent of all Bitcoin trading until it imploded after massive theft exposed its security problems. Its shutdown and other Bitcoin security issues still loom largely in the minds of many tentative users. Gem thinks as the quality of Bitcoin security improves the crypto-currency will see more adoption by mainstream consumers.

 

The company said it had several features that are key to maintaining Bitcoin application security including: two-of-three multi-signature key technology, multi-factor device authentication, real-time bank level fraud and identification monitoring, cold storage offline key backup and redundant architecture with military-grade encryption.

 

"Right now if you want to build an app that uses Bitcoin, you not only have to build an amazing product, but you also have to be an expert in cryptography, security and the underlying Bitcoin protocols. With Gem, developers can build their entire stack on our platform with less than ten lines of code so they can focus on building product, not infrastructure," said Winkelspecht. "We built our platform for developers who share our mission of empowering individuals to take control of their own assets, and we believe people shouldn't have to sacrifice convenience for security."

 

Venice-based Gem was previously named BitVaul. It has raised $2 million in seed funding from backers including First Round Capital, Tekton Ventures, RRE Ventures, Birchmere Ventures.