Plaid Takes First Plunge Into Web3

Open banking platform Plaid is launching its first cryptocurrency product that will be a springboard to a suite of Web3-focused offerings.

Wallet Onboard by Plaid enables crypto developers to plug into over 300 different self-custody crypto wallets through a single integration, including MetaMask, Coinbase Wallet, Trust Wallet and Ledger, according to a blog post on Thursday (Oct. 20).

Built on top of the user interface Plaid Link, Wallet Onboard enables consumers to connect their crypto wallets by choosing from a drop-down menu that includes recently used and currently available wallets. No wallet address or hashed wallet address information is collected. 

See also: Wise, Plaid Launch Open Finance Partnership

“We’re extremely optimistic about the potential of web3 technology. We think that providing safe and secure onboarding experiences is the key to enabling even more consumers as they navigate these new technologies,” said Plaid’s crypto head Clay Allsopp in the post. 

Aside from including crypto companies like Binance.US, Robinhood, Gemini and SoFi and leading self-custody wallets, he said Plaid is building technology that “supports developers building across web2 to web3, enabling more access for consumers everywhere.”

Read more: Platforms Turn To Swiss Crypto Banks To Bridge Digital, Traditional Assets

Created with a developer-first approach, Wallet Onboard aims to reduce the ongoing technical challenge of integrating and managing multiple wallets that also offers customers a secure experience, according to the post.

“Instead of manually integrating many wallets at a time, developers can simply manage one simple SDK integration and unlock connectivity to hundreds of self-custody wallets like MetaMask, Coinbase Wallet, Trust Wallet and Ledger,” said Allsopp.

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Wallet Onboard currently only works with Ethereum and EVM-compatible chains, but Plaid may branch out and connect with Solana and other blockchains. 

“With Plaid’s help, we are able to swiftly iterate our Web3 product offering, ease up the work of developers and design an effortless and secure user experience in decentralized finance,” said Lukas Kairys, CTO at Donut.