Plaid adds support for digital asset sharing

payment processing company plaid now supports digital asset exchanges and investment platforms to accommodate the growing number of people using cryptocurrencies.

Binance.US, Gemini, Robinhood, and SoFi will be supported on the Plaid network initially, with Blockchain.com, BitGo, and others joining later this year, according to a blog entry Thursday (July 14).

“Connecting crypto exchanges via the Plaid network helps bridge data portability gaps between Web3 and mainstream digital finance, and is another step towards a more open financial ecosystem.” ginger bakerHead of Financial Access at Plaid, wrote in the Post.

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With many crypto investors using different accounts for holdings of digital assets that differ from traditional investments, Plaid provides a secure platform for sharing all information for a comprehensive snapshot of holdings. The streamlined view on a single platform makes it easy to view asset types, balances and postal transactions, and can also help calculate taxes and net worth.

Developers can also integrate the data through Plaid Investments’ crypto-assisted application programming interface (API), as stated in the blog post. Types of investment accounts include broker accounts, retirement accounts, 529 accounts, health savings accounts, and others.

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“This network expansion is part of Plaid’s ongoing commitment to universal data access – to ensure consumers can easily and securely connect all account types to the apps and services they choose to manage their financial lives,” Baker wrote.

Plaid’s financial data network connects over 12,000 financial institutions, FinTech apps and services across North America and Europe. The service allows people to connect their financial information across apps and services for payments, investments, banking, lending and more.

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“We’re committed to enabling all types of accounts to connect to the apps people want to use and plan to support more fintechs, digital asset exchanges and other Web3 platforms in 2022,” Baker wrote .

Since the company was founded in 2013, more than 6,000 FinTechs have been developed on Plaid. Headquartered in Silicon Valley, Plaid has over 1,000 employees and six offices around the world.

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