The news: US-based cryptocurrency exchange Gemini tapped open banking provider Plaid to help facilitate account opening and funding for UK customers, per a press release.
Plaid’s technology will help streamline the onboarding process by verifying and connecting customers’ bank accounts to the Gemini platform. Both companies previously signed a similar deal to support US customers.
Why it’s worth watching: The customer onboarding process is critical for crypto exchanges—here’s why.
The bigger picture: Plaid is building out its business with crypto players: Earlier this month it added a bevy of providers—including Binance and Robinhood—to its network to let customers easily share account information with financial apps. Plaid’s continued investment in the space despite the crypto fallout suggests it expects crypto growth in the long run: Worldwide crypto payment volume is expected to $16.16 billion next year, up from $10.40 billion this year, per Insider Intelligence forecasts.
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