Share this article
Plaid Unveils ‘Wallet Onboard’ Tool, Promises Crypto Product Push
The banking fintech says it is delving deeper into Web3 and crypto.
By Danny Nelson
Updated May 9, 2023, 4:00 a.m. Published Oct 20, 2022, 11:00 a.m.
In this article
Banking fintech Plaid released its first crypto product – a wallet connector – kicking off a strategy that could take the multibillion-dollar company deep into crypto’s weeds.
Plaid, best known for bridging consumers’ bank accounts with online payments platforms, said its “Wallet Onboard” tool will make it easy for crypto developers to plug into over 300 different Ethereum wallets – and for their customers, too.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
It’s also the launchpad for an array of Web3-focused products that Plaid is planning, said Alain Meier, head of the company’s identity division. One of them could see Plaid help decentralized finance (DeFi) users prove to DEXs that they are who they say they are – without revealing their personal information.
“What our teams are working on are bringing these identity credentials to the Web3 experience,” Meier said.
The wallet onboarding tool is non-custodial and won’t store data, Meier said, noting Plaid’s role doesn’t create any security risks.
Popularity
The company is prevalent across the centralized crypto industry as a connector between popular exchanges and traders’ bank accounts, Meier said. Around 40% of his division’s business comes from crypto.
All those integrations mean opportunities to build customers’ perceived trust in Plaid, he said. Their familiarity with that company linking to their bank account can then spill over into crypto, where DeFi protocols are under increasing pressure to vet their clients.
Read more: CFTC’s Ooki DAO Action Shatters Illusion of Regulator-Proof Protocol
“A lot of people know Plaid. To be able to go into that experience and see Plaid powering it, it introduces a lot of trust,” he said.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Jump Trading sued for $4 billion in connection to Do Kwon’s Terra Labs collapse: WSJ
The administrator winding down what remains of Terraform is suing Jump Trading, accusing it of contributing to its demise while profiting illegally.
What to know:
- The bankruptcy administrator of Terraform Labs is suing Jump Trading for allegedly profiting from and contributing to a $40 billion crash.
- Todd Snyder, responsible for winding down Terraform Labs, seeks $4 billion in damages from Jump Trading and its executives.
- Terraform Labs collapsed in 2022 after its stablecoin TerraUSD lost its dollar peg, leading to a market crash and the downfall of its sister token, Luna.
Top Stories
