US-based crypto startup BitVault, Inc., doing business as Gem, has announced the launch of its consumer crypto portfolio app that lets users track all their crypto accounts in one single app. The app, initially announced in April, syncs with all major platforms and provides key metrics of how users’ investments are doing. The company said it aims to help crypto investors manage their holdings more easily and conveniently.
“We’re building Gem to be the destination app for the beginner and intermediate crypto user. Think Mint for crypto,” said Micah Winkelspecht, CEO and founder of Gem.
“The process of discovering, trading, tracking, and tax reporting of cryptocurrencies is highly fragmented today. Most crypto apps place negligible importance on the user experience and end up being intimidating and difficult to use. We want our users to feel that our app is a trusted companion on their journey into this new digital economy.”
The app syncs with 25 crypto exchanges including Coinbase, Binance, Gemini, Kraken, KuCoin, Bitstamp, and Poloniex, and consolidates all crypto accounts to provide real-time balances, historical performance, how asset holdings are allocated, as well as an in-depth profile of each asset part of the portfolio.
The release has a favorites feature through which users can learn about more than 2,000 cryptocurrencies and follow projects they are interested in. The pages also give access to each cryptocurrency’s whitepaper where users can read about each’s mission, structure, and function.
The company said the crypto app was designed based on a “three-dimensional tangible design” approach with a focus on user-friendliness. It noted that its colorful, fun, friendly design, as well as its informative and educational approach, have appealed to women investors, a demographic that’s been largely underserved. Women currently constitute 5 to 8% of the crypto population but represent nearly 23% of Gem’s portfolio app’s user base.
“Between 2010 and 2020, women will have more than doubled the amount of private wealth they hold, totaling US$72 trillion,” said Chitra Ragavan, chief strategy officer of Gem.
“Yet, there are few financial products on the market today that meet the needs of this powerful financial constituency, especially in the crypto space.”
Founded in 2013, BitVault has largely focused on blockchain and crypto enterprise products for companies such as Purse.io, Philips, Mercer, Capital One, and Toyota. The company has also developed GemOS, an infrastructure established for the deployment of decentralized applications and platforms.
With the release of the Gem portfolio manager app, the company said it is gearing up for the next wave of consumer adoption of cryptocurrencies. Coinbase’s CEO Brian Armstrong believes that the total number of people in the crypto ecosystem could reach one billion within the next five years, up from around 40 million today.