Crypto exchange Gemini, has connected with open banking and payments platform Plaid, to provide UK customers with the option to buy cryptocurrency through their bank accounts.
The move highlights the increasing emergence of crypto in the financial ecosystem, opening the door for more retail consumers to build their digital asset portfolios.
The integration will allow customers to place deposits into their Gemini accounts without having to enter bank details or pay any extra fees. Through the move, Gemini users can make secure payments and transfers through Plaid, including the use of Apple and Google Pay.
In the US, Gemini account holders already use Plaid to verify identity, connect to their bank, and fund their accounts.
Blair Halliday, head of UK at Gemini, comments: “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, 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 announced partnerships with crypto exchanges, including Gemini, Binance.US, SoFi, and Robinhood, earlier this month. The payments platform plans to allow more users in funding their crypto accounts and support businesses in their customer onboarding.