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US crypto staking start-up Giddy has partnered with data transfer network provider, Plaid, allowing customers to make seamless fund transfers and out of their Giddy account.
Giddy is integrating with Plaid’s payment authorisation products and payment processor, Wyre, enabling investors to connect their financial accounts to Giddy’s platform for easier and more secure transfers between different cryptocurrencies, as well as between crypto and fiat money.
“Security and user-friendliness are paramount to every step of the customer journey on the Giddy platform,” said Giddy CEO, Eric Parker.
“Our partnership with Plaid and their open finance technology is a continuation of striving to create an unparalleled experience for Giddy users.”
Through its integration with Wyre, Giddy investors will be able to transfer funds via ACH from their checking account to their digital wallet to invest in crypto assets.
Additionally, investors can reconvert their crypto assets to fiat currencies and transfer the money back to their checking accounts.
Any available funds in the Giddy account are automatically converted into a stablecoin, allowing users to immediate stake their tokens and earn an interest yield.
The integration with Plaid comes a month after Giddy launched its Giddy Token on the Polygon network.
The company is also planning to launch its mobile app in the second quarter. It intends to execute an internal alpha release, followed by a closed-invite beta and wider general audience rollouts.
Plaid continues growth
Giddy partnership is among the series of recent integrations of partner companies into the Plaid ecosystem.
US WaFd Bank, last month, partnered with Plaid to provide its customers with easier access to their financial data and accounts and enable fund transfer.
In February, Plaid also collaborated with NASDAQ-listed card issuing platform Marqeta to simplify the latter’s ACH transfers, enabling customers to authenticate their bank accounts and move funds seamlessly and securely.
A month prior, Plaid expanded its services beyond connecting accounts to include identity verification by acquiring Cognito for around $250m.
Following the acquisition, US 1st Security Bank partnered with Plaid to utilise the account verification capability through the bank’s online account opening portal.
More firms offer on/off-ramps services
As interest in crypto assets surges among both retail and institutional investors, fintech firms have been working to allow consumers to switch between crypto and fiat currencies.
In April, MoonPay, a crypto payments company that enables users to convert traditional currencies to crypto, raised $87m from celebrity investors, highlighting the general interest in easier conversion between fiat money and cryptocurrencies.
Last week, Singaporean blockchain technology provider Oobit launched its mobile app for crypto payment, allowing users to access its on/off-ramps capability.
That same week, US mobile crypto wallet, 1inch Wallet, integrated fiat on/off-ramp aggregator Transak into its system, enabling users to buy a variety of tokens using money.
Cryptocurrencies gain wider acceptance as payment alternative
Beyond conversion between fiat and cryptocurrencies, companies are also looking to establish crypto assets as an alternative form of payments, notably with the issuances of crypto payment cards.
Yesterday, Lithuanian fintech company Bitlocus partnered with a banking-as-a-service platform, Striga, to offer its crypto payment card.
The A-Z of financial technology solutions