Financial Services Company Plaid Integrates Crypto Exchange Data

Plaid, financial API developer, adds account information for crypto assets Exchanges for cryptocurrency.

The financial services provider stated that it now has the ability to display information such a balance, trades, or crypto asset types held on three exchanges, Binance.US. Kraken. And Gemini.

The platform offers cryptocurrency exchanges as well as encrypted data for trading apps such Robinhood and SoFi.

Plaid is a financial service company that creates the data transfer network that powers fintech products and digital financial products. It allows apps to connect with bank accounts.

Alain Meier of Plaid’s identity department stated that they would only store transaction information in an app for wealth management and money transfer. There won’t be any potential access rights, digital assets theft or other incidents. It provides clients with risk management and due diligence policies.

The company will also continue to offer services to and in the future.

Visa bought Plaid, a startup fintech firm, for approximately $5.3 billion in 2020.

Customer information is classified as sensitive data. This is an important aspect of business and is rarely violated.

Plaid collaborates with several exchanges including Coinbase via its identity verification and bank linked account funding services.

Meier stated that“Plaid is composed of a lot of people who are just nuts about crypto. Over time, we want to help bridge that gap between Web2 and Web3 and build developer-first tooling products that can do that.”

On June 25 in 2020, complaints were filed against the startup company, alleging that Plaid was “data plumbing” popular financial services such as Venmo and Stripe. It is a way to make millions of users’ transactions profitable for its own purposes. Data plumbing is the act or accumulating user-sensitive information and private data in a cloud computing system.

Image source: Shutterstock



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