Plaid, a US-based data transfer network, has added Binance, Gemini, Robinhood and SoFi to its platform. The Announcement was made by Plaid in a Thursday blog post. The collaboration allows users to easily add and link their portfolios to different applications.
Plaid will support additional platforms later this year, including BitGo, Blockchain.com, and others. The integration allows users to securely transfer and share their account information and data by enabling users to avoid data portability gaps.
A more complete picture of one’s personal finances can now be obtained by sharing information with other services, such as properties, balances and transactions. The information can then be used for wealth calculations, tax purposes, financial decisions and more.
Plaid has more than 12,000 financial institutions under its network
The decision to integrate several exchanges came after rising demand for the portability of crypto data between different platforms. Plaid primarily focuses on sharing financial data across platforms. Recently, it has also added identity verification and KYC services to its platform.
Plaid has received a $5.8 billion takeover bid from payment giant Visa in 2020. It was later washed away under pressure from the Justice Department. The platform recognized that the integration is another step towards a more open financial system.
Plaid currently connects more than 12,000 financial institutions allowing users to connect all types of financial accounts to manage them under one roof. The platform also makes the whole process of KYC and identity verification easier to reduce the fraud and associated risks.
The need for data integration and data sharing across platforms helps users manage and analyze financial data across platforms. This will help users track their portfolios and better manage their assets.