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 applications more easily.
Crypto platforms Binance.US, Gemini, Robinhood and SoFi are now supported by the Plaid network, the company announced Thursday. Support for additional platforms, such as Blockchain.com and BitGo, is scheduled to commence later this year.
We now support leading digital asset exchanges on the Plaid network, including @BinanceUS, @Gemini, @Robinhood & @SoFi with plans to support additional crypto providers like @Blockchain and @BitGo later this year. https://t.co/I1QlXmL8hQ
— Plaid (@Plaid) July 14, 2022
The integrations are intended to help crypto users “bridge data portability gaps” by allowing them to securely share their account information with other applications and services. Information such as assets held, balances and transactions can now be shared with other services to get a more comprehensive picture of one’s personal finances.
Binance.US and Gemini are two of the most recognizable cryptocurrency platforms on the market and rank near the top of U.S. exchange volumes. Discount brokerage Robinhood began integrating crypto trading in early 2021 during the height of the bull market. SoFi, a California-based fintech firm, first launched zero-fee trading for Bitcoin (BTC), Ether (ETH) and Litecoin (LTC) in 2019.
Plaid currently has over 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 firms agreed on a merger, Visa later abandoned the acquisition amid pressures from the Department of Justice (DOJ). At the time, the DOJ’s antitrust division alleged that Visa’s acquisition plans represented an “anticompetitive merger.”