July 28, 2022
Building better bridges between crypto and traditional finance with Gemini
Over the past few years, interest in cryptocurrency has grown immensely for consumers, businesses, and institutions around the world. In 2021, the market cap for cryptocurrencies surpassed $1T and venture funding in the space exceeded $25B. Despite the recent market conditions, the potential applications for digital assets will continue to evolve.
While interest in the space is growing, people face many barriers to entering the crypto ecosystem – today's average onboarding experience was built for the crypto expert. From difficulty understanding how to open an account, to uploading the proper documentation, then actually funding the account – the crypto account opening flow is complicated, especially for first-time crypto buyers. To continue growing, exchanges need to support an experience for everyone, no matter if they’re an avid crypto trader, or just want to start engaging with the crypto ecosystem. Together, Plaid and Gemini are building better bridges between the traditional finance and crypto ecosystems.
Gemini is a cryptocurrency exchange and custodian that allows customers to buy, sell, and store digital assets. Recently, we announced that Gemini is now connected to the Plaid network, allowing Gemini users to easily and securely share their account holding details with other apps and services they use for a more complete financial view for planning, net worth calculations, tax advice and more. Now, Plaid and Gemini are working to simplify the user onboarding process, including making it faster and easier for Gemini users to fund their crypto accounts.
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—so people can start building their portfolios immediately. Gemini customers in the UK can now convert fiat into crypto more easily with the help of Plaid’s open banking payment technology. In the US, Plaid will not just help with funding but also streamline identity verification (KYC).
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. To see how Plaid is boosting Gemini’s onboarding flow, visit their site.
As part of our work to close gaps between the traditional and emerging financial systems, we’ve also joined Crypto UK, the country's self-regulatory trade association representing the crypto asset sector. Along with our co-members, we’ll help policymakers in the region better understand cryptocurrency, and develop policies that not only support people’s choice to add cryptocurrency into their financial journeys today but also sets the ecosystem up for long term success.
Plaid helps many other crypto companies create faster, easier and higher-converting onboarding experiences for their customers around the world. If you need a partner in building better bridges between fiat and cryptocurrencies, reach out to our team.