Hassan Maishera
Cryptocurrency exchange Crypto.com announced on Tuesday, August 5th, that it has integrated with Plaid to allow Crypto.com users to easily transfer their investments from other platforms to Crypto.com without needing to sell and, therefore, incur taxes.
In its blog post, the crypto exchange revealed that the offering is enabled by Investments Move, Plaid’s new product that securely and digitally automates brokerage account transfers and reduces operational complexity. This feature can shorten the time it takes a user to successfully submit a transfer to less than a minute. Participating users can earn up to a 3% stock transfer bonus.
Investments Move, launched by Plaid in October 2024, streamlines the data collection process for the Automated Account Clearing and Transfer Service (ACATS), which is how U.S. investments are moved without being converted to cash.
By leveraging Plaid to connect accounts and retrieve information for an ACATS transfer, it eliminates the need for manual data entry and reduces errors that commonly cause transfers to fail.
With this feature, users no longer need to download brokerage statements and type information into a form. Investments Move effectively and efficiently captures the data needed to move investments from one account to another, without selling securities and incurring taxes. It can be used when opening a new brokerage account or transferring IRAs.
While commenting on this integration, Travis McGhee, Managing Director, Global Head of Capital Markets at Crypto.com, said,
“We are thrilled to partner with Plaid to make it easier for our customers to transfer their brokerage accounts and assets from other platforms to ours. Enhancing the customer experience with innovative products and partnerships is critical to our overall growth, and utilizing Investments Move is just another step in creating a best-in-class platform.”
Brian Dammeir, Head of Payments and Financial Management at Plaid, added that,
“Investments Move is another example of how open finance is making it easier for people to manage their money. Manual ACATs processes are prone to errors that cause frustrating rejections for consumers. By powering Crypto.com’s transfer flow, we’re helping millions of investors move assets seamlessly and freeing up their teams to focus on growth, not ticket-driven support.”
Investments Move is available to Crypto.com users in the U.S.
Founded in 2016, Crypto.com is trusted by more than 150 million customers worldwide and is the industry leader in regulatory compliance, security, and privacy. The exchange’s vision is simple: Cryptocurrency in Every Wallet. Crypto.com is committed to accelerating the adoption of cryptocurrency through innovation and empowering the next generation of builders, creators, and entrepreneurs to develop a fairer and more equitable digital ecosystem.
