Crypto.com has announced a new feature allowing users to quickly and tax-free transfer assets between brokerage accounts through Plaid integration.
Integration with Plaid
The update comes through a strategic integration with Plaid’s Investments Move, designed to simplify the asset transfer process. Users no longer need to sell their assets and face capital gains taxes, as the transfer process now takes under a minute and is fully automated.
Advantages of the New Functionality
The key advantage of this functionality is its speed and elimination of traditional paperwork. The system helps avoid errors that could delay transfers or cause failures. Crypto.com is also offering up to a 3% bonus for users utilizing this feature.
Expert Opinions
According to Travis McGhee, Global Head of Capital Markets, this move is about 'removing friction and offering real value.' Brian Dammeir from Plaid also noted that manual transfers have been a 'pain point' that open finance can finally solve.
This feature is now available to all Crypto.com users in the U.S. and is compatible with most major brokerages, potentially simplifying portfolio consolidation for investors.
