Plaid will assist Sei Labs in lowering barriers to entry, boosting user acceptance, and inspiring blockchain application creation.
Sei Labs, the creators of the open-source software behind the Layer 1 blockchain, which launched its mainnet around two months ago, have teamed with the widely-used finance behemoth Plaid.
Sei Labs hopes that the agreement would inspire developers to create apps utilizing the blockchain, as well as minimize friction and promote user acceptance.
Normal individuals using the blockchain are essential to its success. “If there are killer applications, regular people will join,” said Jayendra Jog, co-founder of Sei Labs. The development of killer apps is contingent on providing developers with enough guidance; Plaid is an example of such guidance.
Plaid will assist with major operational concerns, including wallet onboarding, identity verification, and bank account authentication, according to a statement released by Sei Labs. Plaid’s worldwide reach is unprecedented.
Before founding Sei Labs, Jog worked as a software developer at Robinhood. He predicts that the Plaid agreement would make it simpler for people like him to link their bank account and move money to financial apps.
While Sei Foundation is in charge of developing and releasing the Sei blockchain, Sei Labs is in charge of building blockchain-based applications. According to a corporate release, Sei Labs is directed by a group of professionals with experience at Goldman Sachs, Google, and Nvidia.
Jog and his colleagues believe that if blockchain-powered apps want to attract typical users, they must partner with reputable web2 firms that offer efficient infrastructure like payment rails.
“According to Jog, many cryptocurrency enthusiasts falsely believe their sector will soon supersede the rest of the financial sector. That may occur in the next half-century, but I anticipate a considerably slower evolution. And the most obvious method to increase on-chain use is not to attempt to replace everything but rather to work with existing systems.”
Jog said that expansion is a top priority so that his firm may continue to attract developers interested in creating web3 apps. He thinks the Sei blockchain has solid foundations.
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