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   245

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.

Potentional Vulnerabilities Found in ETH 2.0

Least Authority have found potentional security issues in the network P2P interaction and block proposal system
26 March 2020   974

Technology security firm Least Authority, at the request of the Ethereum Foundation, conducted an audit of the Ethereum 2.0 specifications and identified several potential vulnerabilities at once.

Least Authority said that developers need to solve problems with vulnerabilities in the network layer of peer-to-peer (P2P) interaction, as well as in the block proposal system. At the same time, the auditor noted that the specifications are "very well thought out and competent."

However, at the moment there is no large ecosystem based on PoS and using sharding in the world, so it is impossible to accurately assess the prospects for system stability.
Also, information security experts emphasized that the specifications did not pay enough attention to the description of the P2P network level and the system of records about Ethereum nodes. Vulnerability risks are also observed in the block proposal system and the messaging system between nodes.

Experts said that in the blockchains running on PoS, the choice of a new block is simple and no one can predict who will get the new block. In PoS systems, it is the block proposal system that decides whose block will fall into the blockchain, and this leads to the risk of data leakage. To solve the problem, auditors suggested using the mechanism of "Single Secret Leader Election" (SSLE).

As for the peer-to-peer exchange system, there is a danger of spam. There is no centralized node in the system that would evaluate the actions of other nodes, so a “malicious" node can spam the entire network with various messages without any special punishment. The solution to this problem may be to use special protocols for exchanging messages between nodes.