Plaid launches crypto wallet as first web3 product

By Amelia Isaacs on Friday 21 October 2022

Digital BankingCrypto

“Wallet Onboard” will allow developers to enable connectivity to more than 300 crypto wallets.

Plaid launches crypto wallet as first web3 product
Image source: Plaid.

Plaid is branching out into the world of web3 for the first time with the release of its first crypto product – a wallet connector.

The “Wallet Onboard” tool will allow developers to onboard consumers through a “seamless wallet linking experience” with web3.

Developers will be able to enable connectivity to more than 300 self-custody crypto wallets, according to Plaid, all with one integration.

Built on top of Plaid Link, the data network’s user interface that is currently used by almost a quarter of Americans, this is the decacorn’s first foray into the web3 space, though it has worked with crypto companies before.

In July, Plaid announced that major crypto exchanges, including Gemini, Robinhood and Binance, were available on its network.

Head of financial access at Plaid, Ginger Baker, said then that the company had seen “surging demand” for crypto data portability as an increasing number of people are using cryptocurrencies.

The main advantage of the new wallet connector is the ease of use and simplicity for both developers and consumers, but head of identity at Plaid Alan Meier added that the product also adds trust to the crypto space.

“From a consumer perspective, there are very few trusted names in crypto right now,” Meier told Fortune

“Being able to be that familiar face for consumers when they’re going into that world of Web3 is our goal here.” 

While it would be putting a lot of pressure on Plaid to solve all the scamming and hacking scandals that have occurred over crypto, perhaps it will add at least another level of security and certainty.

“We’re trying to build that trust and safety for crypto at the moment,” Meier said. 

“We think that’s just severely lacking because of the last few boom-and-bust cycles.”

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