Visa to Acquire Plaid For $5.3B

Plaid is a cryptro friendly and it created network, that allows to connect financial accounts to the apps people use and Visa liked it
14 January 2020   170

The global payment system Visa has signed a final agreement to acquire the fintech company Plaid for $ 5.3 billion. This is stated on the Visa website.

According to Visa, it was attracted to Plaid by a company-developed network that allows people to easily and securely connect their financial accounts to the applications they use to manage the financial aspect of their lives.

Plaid’s products enable consumers to conveniently share their financial information with thousands of apps and services such as Acorns, Betterment, Chime, Transferwise and Venmo. Consumers rely on these apps and services to help plan their spending, increase their savings and monitor their investments. For example, when a user sets up a Venmo account, it is Plaid that enables the user to link their bank account to their Venmo account.

 

Visa Inc.

Thanks to this deal, Visa will be able to discover new markets and launch additional products for its customers. In the future, the company intends to move towards closer cooperation with representatives of the financial technology industry. 

 Plaid’s mission is to make money easier for everyone, and we are excited for this opportunity to continue delivering on that promise at a global scale. Visa is trusted by billions of consumers, businesses and financial institutions as a key part of the financial ecosystem, and together Visa and Plaid can support the rapid growth of digital financial services.

 

Zach Perret

CEO and co-founder of Plaid

The Plaid API for connecting bank accounts is used, in particular, by the Robinhood crypto-brokerage application, Coinbase and Gemini exchanges, as well as the Abra custodian service.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   293

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.