Gemini crypto exchange has now connected with open banking and payments platform Plaid to offer UK clients the option to acquire crypto using their bank accounts. The move seems to highlight the growing emergence of crypto in the financial ecosystem, which opens the door for more retail clients to build their digital asset portfolios.
The integration will enable clients to deposit funds into their Gemini accounts without needing to enter bank details or pay any additional fees. With this move, Gemini users can execute secure payments and transfers through Plaid, which includes the use of Google and Apple Pay.
In the United States, Gemini account holders already use Plaid to authenticate identity, link to their banks, and fund their accounts. The head of UK at Gemini, Blair Halliday, commented:
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“Integrating with Plaid in the UK supports Gemini’s mission to increase the accessibility of crypto to more people around the world. Our UK users can now make payments from their bank accounts in minutes, without having to leave the Gemini app.
One of the main barriers to building a digital asset portfolio has always been the issue of how to convert fiat currency into cryptocurrency, for example, by moving money from a bank account into a crypto account.
Our ability to offer Gemini users multiple secure payment methods, from Apple Pay, and Google Pay, to debit cards and now transfers through Plaid, represents significant progress in solving this problem. We are delighted to continue providing customers with an easier experience to fund their crypto accounts.”
Plaid confirmed its partnerships with crypto exchanges, including SoFi, Gemini, Robinhood, and Binance.US, earlier this month. The payments platform plans to let more users fund their crypto accounts and support businesses in their customer onboarding.