FinTech: Plaid And Gemini To Collaborate On Crypto Payments

July 29, 2022 | Digital Assets, FinTech, News

Gemini and Plaid intend to ease the crypto investing process for everyday users.

The market cap for cryptocurrencies surpassed $1T in 2021, and venture funding in the field surpassed $25B. The interest in digital assets has grown tremendously over the past few years, both for consumers, businesses, and institutions. However, despite interest in the ecosystem growing, the crypto world has a lot of entry barriers – especially for the new investor starting out. The process is hard, particularly for first-time crypto buyers, involving uploading the right documentation, opening an account, and funding it. Exchanges must provide an easy account-opening process for all users – therefore, Plaid and Gemini are building an easier bridge between traditional finance and crypto worlds. (Plaid)

Gemini and Plaid are collaborating to simplify the user onboarding process, including making it quicker and easier for Gemini users to fund their crypto accounts.

With a few simple clicks, Plaid’s open banking solution allows new Gemini customers in the UK and the US to open new accounts and transfer money—allowing people to begin investing immediately. Using Plaid’s open banking payment technology, people in the UK can now convert fiat into crypto more easily. In addition to funding, Plaid will also help with identity verification (KYC) for Gemini customers in the US.

Related Story: Plaid Extends Its April $425M Funding To Include JPM And Amex

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