The US based data transfer network, Plaid, has added the likes of Binance, Gemini, Robinhood and SoFi to their platform, as there has been a surge in demand for crypto portability throughout different platforms.
This announcement came as an increasing number of people are using cryptocurrencies, like bitcoin and ethereum through digital asset exchanges for investment, value exchange, asset tokenization.
Plaid would also additionally support BitGo, Blockchain.com, and others later this year.
With the help of connecting crypto exchanges, Plaid network will incorporate bridging the data portability gap between Web3 and mainstream digital finance, which would lead to a wider financial ecosystem.
Connecting over 12,000 financial institutions, Plaid would enable digital asset owners to hold over their assets under one account. Moreover it allows users to share their crypto account information, such as asset types, balances and transactions securely.
Now is the time!! Users can manage and analyse financial data from many platforms thanks to the critical need for data integration and sharing across platforms.
They also have added new features to their program such as identity verification and compliance (KYC) and bank-linked account funding.
It aims at providing better user experience for the companies joining with Plaid’s full-stack onboarding platform, thus improving success rates, lowering the cost and also reducing risks and frauds.
Also read: MAS’ Chief FinTech Regulator Praises Crypto Progress
