Plaid, which is a leading open banking platform, has announced the addition of read-only support for several major crypto exchanges.
According to a report by TechCrunch, Plaid had previously integrated with several large crypto exchanges (such as Coinbase and Robinhood) on an ad hoc basis. The addition of read-only support gives an indication that the company, valued at more than $13 billion following its last round of fundraising, views crypto as integral to its long-term growth.
Alain Meier, head of identity at Plaid, told TechCrunch in an email interview:
“This is something many customers have asked for, particularly companies offering wealth management and financial planning services… With high volatility in the markets, we think it’s even more important for people to have a clear, real-time picture of their finances digitally, including what is in their crypto accounts for planning and to make important financial decisions.“
The report claims that Plaid users can now share crypto account information, including balances and transactions with other services they use. Per the TechCrunch report, the Plaid Investments API “now supports crypto accounts for use cases like tax advisory services, financial planning and net worth calculations.
Binance.US, Kraken and Gemini are currently supported by Plaid, and Meier has confirmed that Blockchain.com and BitGo would be supported in an update later in the year.