United States data transfer network Plaid has added four major cryptocurrency exchanges to its platform, giving users the ability to connect their digital asset portfolios to other apps more easily.
Cryptocurrency platforms Binance.US, Gemini, Robinhood and SoFi are now compatible with the Plaid network, the company announced on Thursday. Support for other platforms, such as Blockchain.com and BitGo, is scheduled to begin later this year.
We now support leading digital asset exchanges on the Plaid network, including @BinanceUS, @Gemini, @Robin Hood & @SoFi with plans to support additional crypto providers like @Blockchain and @BitGo later this year. https://t.co/I1QlXmL8hQ
— Plaid (@Plaid) July 14, 2022
We now support major digital asset exchanges on the Plaid network including @BinanceUS, @Gemini, @Robinhood, and @SoFi with plans to support other crypto providers such as @Blockchain and @BitGo later this year.
The integrations are intended to help crypto users “bridge data portability gaps” by allowing them to securely share their account information with other apps and services. Information such as assets held, balances and transactions can now be shared with other services for a more complete picture of personal finances.
Binance.US and Gemini are two of the most recognized cryptocurrency platforms on the market and rank near the top of US trading volumes. Discount brokerage Robinhood began integrating cryptocurrency trading in early 2021, during the height of the bull market. SoFi, a California-based fintech company, first launched commission-free trading for Bitcoin (BTC), Ether (ETH), and Litecoin (LTC) in 2019.
Plaid currently has more than 12,000 financial institutions in its network. An estimated 98 million people in the United States used Plaid’s services between 2013 and 2021. The company currently has a valuation of $13.4 billion.
In 2020, Plaid became a major acquisition target for Visa and was offered $5.3 billion in a buyout. Although the companies agreed to a merger, Visa later abandoned the acquisition amid pressure from the Department of Justice (DOJ). At the time, the DOJ’s antitrust division alleged that Visa’s acquisition plans represented an “anti-competitive merger.”
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