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Aug 25, 2022
Plaid Exec Sheds Light On The Future Of Digital Finance
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Plaid, a fintech company that aims to simplify digital financial ecosystems through a single API, just revealed that crypto giants like Gemini and Binance.US are joining its financial institution network. According to Plaid, this move is a part of the company's efforts to bring legacy institutions and crypto service providers on board. Plaid was valued at more than $13 billion last year after a $425 million fundraising.
Incorporation Of Plaid With Crypto Platforms
Keith Grose, Plaid's head of UK/EU, explained how Plaid's integration with crypto platforms has helped expand the ecosystem. In addition, he also provided a vision of what digital finance would look like in the future.
Grose predicted that a single wallet with smooth platform-changing abilities would gradually be in command of consumers' digital financial interactions:
"You are essentially, as a user, going to have this back-end wallet, whether it's your bank account or your crypto wallet, that you control the keys to and you can take wherever you want to use it around the digital world. That's where we're headed."
Grose noted that while Plaid is designed to work with a variety of digital financial systems, the foundation of all monetary operations is trust. He remarked,
"What we're really talking about when you're talking about payments is trust… and I think we're more and more moving to a place where trust is becoming digital, and proving trust online in the digital world is very different than proving trust in a physical, community based system that most of humanity has been in for most of history."
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.