Crypto exchange Gemini teams with Plaid to bridge traditional and crypto ecosystems

Crypto exchange Gemini has teamed up with open banking platform Plaid, with the aim of building better bridges between the traditional finance and crypto ecosystems.

The Gemini platform allows consumers to buy, sell and store digital assets. As part of a previously announced deal deal, Gemini is now connected to the Plaid network, which allows Gemini users to easily and securely share their account holding details with other apps and services they use for a complete financial view for planning, net worth calculations, tax advice and more.

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

It claims that Plaid’s open banking solution offers the easiest way for new Gemini customers in the US and UK to open and fund new accounts with only a few simple clicks. Gemini customers in the UK can now convert fiat into crypto more easily through Plaid’s open banking payment technology.

In the US, it stated that plaid will also streamline identity verification.

Speaking on the deal, Gemini head of UK Blair Halliday said, “Integrating with Plaid in the UK supports Gemini’s mission to increase the accessibility of crypto to more people around the world.

“Our UK users can now make payments from their bank accounts in minutes, without having to leave the Gemini app. One of the main barriers to building a digital asset portfolio has always been the issue of how to convert fiat currency into cryptocurrency, for example, by moving money from a bank account into a crypto account.

“Our ability to offer Gemini users multiple secure payment methods, from Apple Pay, Google Pay, to debit cards and now transfers through Plaid, represents significant progress in solving this problem. We are delighted to continue providing customers with an easier experience to fund their crypto accounts.”

In a blog post announcing the partnership, Plaid said, “For Gemini and Plaid, our work together is only beginning. We’ll continue to build simple, fast experiences to help Gemini customers across the world grow their digital asset portfolios.”

Last year, Gemini reached a $7.1bn valuation after the close of a $400m growth equity round, which is its first-ever outside financing.

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