Financial services giant Plaid has announced the launch of its first cryptocurrency-native product, Wallet Onboard. The product is similar to Plaid Link, which allows users to connect financial accounts to apps.
Wallet Onboard helps developers connect cryptocurrency wallets such as MetaMask to decentralized applications. While the firm has in the past worked with crypto companies to integrate its offerings, Wallet Onboard is its first Web3-focused product.
Clay Allsopp, Plaid’s crypto product lead, noted consumers want hundreds of available wallets to interact with Web3 applications, instead of having to integrate them one at a time. Wallet Onboard is a way to simplify that integration.
The product allows users to connect wallets such as MetaMask or Coinbase Wallet to apps, via a Plaid-branded interface as part of the onboarding process. Each onboarded wallet goes through Plaid’s compliance review, which to the firm means it can bolster security and trust in the ecosystem.
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