Former Coinbase VP: we moved billions of dollars into Bitcoin "in large part because of Plaid"

Published on by Cryptoslate | Published on

Dan Romero, former vice president at leading crypto exchange Coinbase, confirms that the US-headquartered trading platform has been able to move billions of dollars into Bitcoin through the US automated clearinghouse system, which is a large electronic fund transfer system that handles payments in the country.

Romero pointed out that while using the ACH system for Bitcoin transactions may be convenient, it's reversible and thus "Fraud-prone." He notes that Coinbase has been able to use ACH "In large part because of what Plaid provides." He adds that this is the "Underrated part of the crypto adoption story in the US.".

Zach Peret, co-founder and CEO at Plaid, revealed on January 13 that the company had been acquired by giant payment firm Visa.

Plaid provides firms the tools and access needed to build a digitally-enabled financial system.

Based in San Francisco, California, Plaid is a technology platform designed to make it easier and safer for startups and large financial institutions to develop innovative financial services and applications.

"Nobody had heard of Fintech" when Plaid was first launched.

He adds that when Plaid was first launched, "Nobody had heard of Fintech," or financial technology.

"Joining forces with Visa, a brand that is trusted by billions of consumers, and financial institutions in over 200 countries and territories, represents an incredible opportunity to continue to scale our products."

Plaid aims to leverage the Visa brand, company resources, and international presence to better serve its clients and business partners, Perret adds.

Perret confirms that Visa wants Plaid to function as an independent business so they can continue to focus on what they're already doing so well.