More and more companies eagerly explore opportunities in the cryptocurrency space. Plaid recently added support for major crypto exchanges and brokers. More service providers will be added in the coming months, as global demand for exposure to cryptocurrency isn’t slowing down.
Plaid Takes The Next Step
Financial service providers must provide their customers with access to various services and financial tools. The addition of cryptocurrencies makes much sense in the current climate. Stocks and bonds are of less interest than ever before, and cryptocurrencies are ever-popular. A company doesn’t need to worry about integrating cryptocurrency directly; as Plaid shows there is a different approach.
In a new update, the service provider integrates significant crypto exchanges and brokers. That includes providing access to Binance.US, Gemini, Robinhood, and SoFi. Blockhain.com and BitGo will be added later in 2022. Users who have an account and crypto assets on these platforms can share account data – like asset types and balances – with apps they use. It is a crucial step forward to achieve financial panning tax advisory services, net worth calculations, etc.
Plaid Head of Financial Access Ginger Bake adds:
“An increasing number of people – 16% of US adults – are using cryptocurrencies, such as Bitcoin and Ethereum, through digital asset exchanges for investments, value exchange, asset tokenization, and more. With crypto becoming mainstream, Plaid has seen surging demand for crypto data portability, as people want to share their crypto data alongside traditional holdings as they plan their financial lives.”
The integration with Plaid serves a double purpose. Customers can access these assets for the purposes outlined above. However, some of the biggest exchanges and Web3 companies use Plaid to verify users globally and enable account funding through ACH. The integration of cryptocurrencies becomes more outspoken, sparking an interesting future outlook.