Payment processing firm Plaid is now supporting digital asset exchanges and investment platforms to meet the growing number of people using cryptocurrencies.
Binance.US, Gemini, Robinhood and SoFi are initially being supported on the Plaid network, with Blockchain.com, BitGo and others being added later this year, according to a blog post Thursday (July 14).
“Connecting crypto exchanges through the Plaid network helps bridge data portability gaps between Web3 and mainstream digital finance, and is another step toward a more open financial ecosystem,” Ginger Baker, head of financial access at Plaid, wrote in the post.
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Because many crypto investors use different accounts for digital assets holdings that sit apart from traditional investments, Plaid offers a secure platform for sharing all information for a comprehensive snapshot of holdings. The streamlined, single-platform view makes it easier to see asset types, balances and transactions, per the post, and can also help in calculating taxes and net worth.
Developers can also incorporate the data through the crypto-supported Plaid Investments application programming interface (API), per the blog post. Investment account types include brokerage, retirement, 529s, Health Savings Accounts and others.
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“This network expansion is part of Plaid’s continued commitment to universal data access — to ensure consumers can easily and safely connect all account types to the apps and services they choose to manage their financial lives,” Baker wrote.
Plaid’s financial data network links over 12,000 financial institutions, FinTech apps and services across North America and Europe. The service enables people to connect their financial information across apps and services for payments, investing, banking, lending and more.
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“We’re committed to ensuring that all types of accounts can connect to the apps people want to use and plan to support additional fintechs, digital asset exchanges and other Web3 platforms in 2022,” Baker wrote.
More than 6,000 FinTech have been built on Plaid since the company’s launch in 2013. Headquartered in Silicon Valley, Plaid has over 1,000 employees and six offices around the world.
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