Gem: All-In-One Universal Wallet and Portfolio Tracker

posted on August 18, 2018

If you haven't heard of an app called Gem yet, you will soon. Gem is an all-in-one platform that helps users manage their digital assets by combining functionality of a universal wallet and a portfolio tracker.

If you are like me, you probably have crypto stored in various exchange wallets (yes I know, not recommended), as well as in multiple hot and cold wallets. It is really hard for me to keep track of all of these assets, especially if I am a relatively active trader. I need to make sure that each trade gets entered into my performance tracker and that it is accurate. In most cases it is currently done manually and is a very tedious and annoying process. The best app currently on the market, Blockfolio, is only as good as the information you manually feed it. Garbage In Garbage Out. And if you are again like me, you don't have time to sit there and enter your trades manually. I got better stuff to do.  

Having heard great things about the team behind Gem and having done an AMA with its CEO Micah Winkelspecht, I decided to give Gem a try. I got myself access to the beta product, downloaded the app and took it for a spin over the last couple of days.

First thing that I noticed when I launched Gem, is how pretty the app is and how different it looks from the other crypto apps in the market. For starters, their logo is a friggin' rainbow-colored-inflatable-pool-ring-unicorn!

When we interviewed Micah for our AMA he said that Gem's Target Audience is "the next billion people entering crypto". This is quite an ambitious goal! But guess what? The next billion people is not going to be all "Cryptobros", or tech-savvy white males in their early to mid twenties. They won't all be Vitaliks

 

The next billion people is likely going to be your parents or your teenage sister who has very little clue about what crypto is and does, but who still is part of the new economic order: 

You can't describe it better than this quote from Micah: 

"The next billion consumers are your friends and family at the Thanksgiving dinner table. They've heard you gush about crypto, but have yet to take action. They find the whole thing confusing and scary. We want to address that. We probably won't be the tool for the advanced day trader. But when his best friend calls him and asks what he should use to get into crypto, we want him to say "just use Gem"."

As a result of this focus, product design is very colorful and self-intuitive. As Micah pointed out money is too serious and the team did not want their app to look like a banking app. Someone even suggested that the token icons in the app look like candy, and Gem is perfectly fine with this association. 

The team is building its projects based on the following constructs. The App should: 

- serve as a single entry point for crypto portfolio performance tracking

- be used as a universal secure wallet to hold and trade all of your assets

- curate discovery of new tokens to make informed investment decisions

- serve as a connection to the larger crypto community

The app is currently live in the Beta version and some of these concepts are under-developed at this stage. But the team is hard at work finalizing its product and bringing it to market. You can be one of the first testers by filling out a form on their website here. The plan is to integrate as many popular exchanges as possible. Gem already has API integration with 22 biggest and most popular ones, and it will be adding more at customer demand. 

Gem is taking security very seriously. First of all, the app is only storing read-only keys for the exchanges. Second, it does not permit executing transactions in the app itself. Finally, it is working with a company called “Hashicorp” to maintain high security of the app using their "Vault" product. This product has a rip-cord feature that allows user to pull it and "seal" the vault whenever the user feels the information has been compromised.

Overall, I loved testing Gem. I feel like this product is a breath of fresh air among all of the existing apps that either do performance tracking, or function as wallets, but not both. This could really become a product with high adoption rates when crypto turns the corner and becomes a mass market reality.

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