Binance, Gemini, and Other Leading Crypto Exchanges Join the Plaid Network

Vignesh Karunanidhi
Binance, Gemini, and Other Leading Crypto Exchanges Join the Plaid Network

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 will allow users to add and connect their portfolios to different applications with ease.

Plaid will support additional platforms later this year, including BitGo,, and others. The integration will allow users to safely transfer and share their account information and data by allowing users to avoid data portability gaps.

A more complete picture of a person’s personal finances may now be obtained through sharing information with other services, such as assets owned, balances, and transactions. The information can then be utilized for net worth calculations, tax purposes, financial decisions, and more.

Plaid has over 12,000 financial institutions under its network

The decision to integrate various exchanges came after there was a rising demand for crypto data portability among different platforms. Plaid primarily focuses on sharing financial data across platforms. Recently, it also added identity verification and KYC services to its platform.

Plaid has received an acquisition offer of $5.8 billion in 2020 from payment giant Visa. It was later washed away due to pressure from the Department of Justice. The platform acknowledged that the integration is another step towards a more open financial system.

Plaid currently connects over 12,000 financial institutions to allow 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 risks associated with it.

The necessity for data integration and data sharing across different platforms helps users manage and analyze financial data from different platforms. This will help users track their portfolios and better manage their assets.