Plaid has announced that major crypto exchanges including Binance.US, Gemini, Robinhood, and SoFi, are now available on their network. Support for additional platforms, including Blockchain.com and BitGo is planned for later this year.
Customers with cryptocurrency assets in these exchanges will now be able to securely share account information, including asset types, balances and transactions with the apps they use. This will provide a more complete picture for users financial planning tax advisory services, net worth calculations, and other use cases.
The company states that developers can incorporate this data through the Plaid investments API which now supports crypto accounts along with a broad range of investment account types.
Head of financial access at Plaid, Ginger Baker, commented: “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.”
Plaid claims that it is already supporting 12,000 financial institutions. Baker stated: “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.”
In addition to crypto exchanges, Plaid is also helping companies simplify their customer onboarding experience, including identity verification, compliance, and bank-linked account funding.
Bakers added: “Many of the largest exchanges and Web3 companies use Plaid to quickly and safely verify users from around the world, and allow them to easily fund their accounts using ACH through Plaid and our network of payment partners. Plaid’s full-stack onboarding platform helps companies provide a better user experience across the entire onboarding process to improve success rates, lower costs and reduce risk and fraud along the way.”