Cryptocurrency exchange company Crypto.com has integrated with Plaid to enable its users to transfer their investments from other platforms to Crypto.com without being required to sell and incur taxes.
The newly added offering is supported by Investments Move, Plaid’s product that digitally automates brokerage account transfers and minimises operational complexity, which can reduce the time required for users to submit a transfer. According to the company, participating users can earn up to 3% stock transfer bonus.
As of the announcement, Investments Move is available to Crypto.com users across the US, allowing investors to move assets optimally while their teams centre their attention on growth, instead of support.
Crypto.com and Plaid’s partnership plans
Rolled out in October 2024 by Plaid, Investments Move focuses on optimising the data collection process for the Automated Account Clearing and Transfer Service (ACATS), which is how US investments are moved without being converted to cash. By leveraging Plaid to connect accounts and retrieve information for an ACATS transfer, the company mitigates the need for manual data entry and decreases error rates that cause transfers to fail. Customers are no longer required to download brokerage statements and type information into a form. Plaid’s Investments Move solution gathers the data needed to move investments from one account to another, without selling securities and incurring taxes. Additionally, the service can be leveraged when opening a new brokerage account or transferring IRAs.
Furthermore, commenting on the move, representatives from Crypto.com emphasised that, by teaming up with Plaid, their company can allow customers to transfer their brokerage accounts and assets from other platforms to Crypto.com more efficiently and securely. The company underlined its commitment to improving the customer experience through advanced products and collaborative agreements with industry participants. The integration of Investments Move supports this vision, enabling Crypto.com to further expand its operations and serve the needs, demands, and preferences of its customers.
