Plaid Partners with Sei Labs to Boost Blockchain Adoption
Fintech giant Plaid has joined forces with Sei Labs, the company behind an open-source software for the Layer 1 blockchain. The partnership aims to reduce barriers and increase user adoption of the blockchain, while also encouraging developers to build applications on it. According to Sei Labs co-founder Jayendra Jog, the success of blockchain relies on attracting normal people, which can be achieved through killer applications. Plaid will assist with key procedural issues such as wallet onboarding, identity verification, and bank account authentication. With its extensive global reach and $13 billion valuation, Plaid is well-equipped for this task.
Collaboration with Trusted Web2 Companies
Jog emphasizes the importance of using trusted web2 companies that offer effective infrastructure like payment rails in order to attract average consumers to blockchain-powered applications. He believes that rather than attempting to replace everything in traditional finance, a gradual process of collaboration with existing systems is more realistic for achieving on-chain adoption. Scaling is another priority for Sei Labs, as they aim to attract talented developers interested in building web3 applications. Jog asserts that the Sei blockchain is the fastest in existence, surpassing Solana and Aptos. Earlier this year, Sei Labs raised $30 million from investors including Jump and Distributed Global.
Hot Take: A Collaborative Approach for Blockchain Success
The partnership between Plaid and Sei Labs highlights the importance of collaboration and gradual adoption in driving blockchain success. By leveraging Plaid’s expertise in procedural matters and its vast network of financial institutions, Sei Labs aims to make it easier for normal users to connect their bank accounts and engage with financial apps on the blockchain. This approach challenges the misconception that crypto will completely replace traditional finance overnight. Instead, it emphasizes the need to work with existing systems and infrastructure to create a seamless transition towards blockchain adoption. With its impressive speed and support from prominent investors, Sei Labs is well-positioned to lead the way in this collaborative journey.
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