Plaid launches crypto wallet as its first Web3 product

The ‘Wallet Onboard’ tool will allow developers to onboard consumers through a ‘seamless wallet linking experience’ with Web3. At the same time, Plaid will have the ability to enable connectivity to more than 300 self-custody crypto wallets, all with one integration.

Plaid ventures into the world of web3 with the release of its first crypto product, a wallet connector.

Plaid’s first foray into the crypto space

Built on top of Plaid Link, the data network’s user interface, this is the start the company’s first venture into the web3 space, though it has worked with crypto companies before.

In July 2022, Plaid announced that major crypto exchanges, including Gemini, Robinhood, and Binance, were available on its network. Company officials 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 the head of identity at Plaid 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, as per the press release.

Being able to be that familiar face for consumers when they’re going into that world of Web3 is the company’s 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.