Plaid CEO Zachary Perret wants to know: What should the data integrator build to support cryptocurrencies?

Perret sent out the question via tweet today at 1:10 p.m. Within one hour, he had 61 replies, some of which he responded to by seeking more details or promising a response by direct message.

Support for know your customer, a bank account connection user interface and a way to integrate with Wallet via API, suggested Brian D. Shields, founder of Chicago Sprinter, a startup that uses distributed ledger technology and an integrated smart contract escrow to streamline cashflows.

“Glad you asked. MetaMask/Wallet Connect API integration w/ the KYC onboarding + bank account connection UX via Plaid is exactly what we’re looking for/building ourselves. We want users transacting via fiat with kyc / account connection via Plaid in parallel w/crypto,” Shields tweeted.

Defi investor Noah Jessop asked if Plaid wanted to handle actual funds, saying the “wide open opportunity is to build Plaid for Yield,” where institutions can send money. He suggested Plaid APIs could obscure some of the complexities of blockchain, stating, “don’t touch crypto / plaid style APIs hide all / blockchain complexity / usd->usdc->defi lend,” he tweeted.

“I’m not sure I follow. But I want to. Will DM,” replied Perret.

Other suggestions included:

• Variable recurring payments APIs to make direct transfers from a customer’s bank account on their behalf;
• Embedded fiat on/off ramps that developers could, without API keys, integrate into other experiences; and
• Instant ACH on-ramping for exchanges. “You already have most of it built,” noted Ethan Kravitz, partner and CTO at AGE Crypto, an investment portfolio. “Use the account history, balance, historical balance, etc., to guarantee funds up to a certain amount and then take a fee. People would easily pay 1% or more to get instant funds without wire transfers.”

Plaid recently partnered with U.S. Bank to support integration with its application ecosystem, providing customers with streamlined access to third-party apps. It also offers Plaid Income, an income verification tool that makes it easier for consumers to verify their income in order to secure loans, qualify for mortgages, rent apartments and lease vehicles, among other financial processes.

The San Francisco, Calif.–based Plaid has raised more than $734.3 million in six funding rounds, according to Crunchbase. Plaid, which offers an open banking platform for FIs, made headlines earlier this year when Visa backed out of a planned $5.3 billion acquisition due to a U.S. Justice Department lawsuit to block the deal.

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