Visa Acquires Plaid Powering Crypto-To-Fiat Transactions For Coinbase And Abra
2020 kicked off really great in terms of prices in the crypto market, but also regarding various optimistic predictions about the crypto space.
This is a new decade, which is expected to be amazing for the crypto industry with lots of developments and achievements.
Payments giant Visa expands its reach in the mobile digital economy.
Visa acquires Plaid
At the beginning of this week, the firm revealed the acquisition of Plaid, which is a fintech firm used by one in four people who own a bank account in the US in roder to connect the mobile financial apps to the bank account.
Plaid tech supports crypto-based companies such as Abra and Coinbase and enables users in the US to transfer funds seamlessly from a bank account to the digital wallet, converting dollars to crypto.
Visa said that this new acquisition will allow it to expand into new businesses.
According to its official announcement 75% of the world’s internet-enabled consumers users a fintech app in roder to initiate money movements in 2019 and only 18% in 2015.
It’s also important to note that Coinbase integrated Plaid to protect the US customer information.
Coinbase said that the customers’ banking credentials are never sent to Coinbase but they are shared with Plaid to facilitate instant account verification.
Abra integrated Plaid in 2019
Crypto wallet Abra also integrated Plaid last May.
Founder and CEO of Abra, Bill Barhydt said the technology gives users more ways to move between crypto and fiat, according to the latest reports coming from the online publication the Daily Hodl.
More than that, this tech reportedly brings thousands of additional financial institutions into the Abra ecosystem for the US customers. This facilitates the movement of lots of digital assets.
Zach Perret, CEO and co-founder of Plaid, also had a few words about the partnership:
“Plaid’s mission is to make money easier for everyone, and we are excited about this opportunity to continue delivering on that promise at a global scale.”
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.