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September 23, 2021

Unbanked offers a fast and easy way to transact crypto

Scott Wotring

Blockchain is transforming banking as we know it. As the technology behind cryptocurrencies like Bitcoin and digital assets like NFTs, blockchain is vastly simplifying how consumers transmit value—whether it be across the street or across the globe.

But cryptocurrencies can be intimidating to beginners. Sure, you might realize blockchain offers a safer and cheaper way to send money to your grandmother in Mexico, but what if she isn’t tech savvy enough to accept those funds? Despite the promise of blockchain, complexity remains a barrier for many.

This is where Unbanked enters the story. Founded in 2018, Unbanked bridges the gap between the old world of banking and the new by providing a suite of crypto-enabled financial products that anyone can use—from the tech savvy to the unbanked.

“Why pay huge fees to legacy financial institutions that haven’t updated their technology in years?” asks Ian Kane, Co-CEO of Unbanked. “We take these legacy financial products and make them work seamlessly in the new world.”

Unbanked empowers anyone to benefit from blockchain technology, whether it be depositing and spending digital currencies or sending payments across the world. But in order for customers to fund their Unbanked accounts and start transacting in crypto, the company previously relied on microdeposits, which didn’t match the modern user experience found elsewhere on the platform.

Unbanked needed a faster, safer, and easier way for customers to link their outside financial accounts. And for that, they chose Plaid.