Plaid adds crypto exchanges to its network
— Exchanges, Data, Network, Assets, Crypto, Consumers, Share, Users, Digital, Adds — 1 min read
Plaid says it will add cryptocurrency exchanges Binance.us, Gemini or Kraken to its network. Plaid makes its money by enabling challenger banks, other fintechs and financial institutions to give and receive financial data on consenting users to and from other financial institutions. The data sharing mechanism for cryptocurrency is the same as its mechanism for sharing data about users’ investment portfolios, as both are built on its Investments API. The new support for cryptocurrency extends to users of two companies already on Plaid’s platform that also give users access to crypto trading: the personal finance company SoFi and the stock trading app Robinhood. In 2021, Pew Research reported that 16% of Americans have invested in or used cryptocurrency. The U.S. Source