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Visa is calling off its acquisition of Plaid, the fintech firm serving as a fiat bridge for a number of crypto and decentralized finance (DeFi) applications.
- The U.S. Department of Justice (DOJ) announced Tuesday that the planned $5.3 billion merger was officially nixed.
- "Now that Visa has abandoned its anticompetitive merger, Plaid and other future fintech innovators are free to develop potential alternatives to Visa's online debit services," Assistant Attorney General Makan Delrahim said in a statement. "With more competition, consumers can expect lower prices and better services."
- As CoinDesk previously reported, Plaid has worked with COINBASE and at least two DeFi startups.
- The DOJ reported that Plaid earned approximately $100 million in revenue in 2019.
