Capitalize, Crypto.com Team Up to Optimize Rollover Process
Capitalize is partnering with Crypto.com to offer rollover options for legacy employer-sponsored retirement accounts.
The global digital asset and financial services platform will feature Capitalize’s Embedded Rollover API for customers wanting to transfer legacy 401(k) accounts into individual retirement accounts (IRAs). The transfer will be conducted directly on Crypto.com’s platform, where customers will be able to submit rollover requests digitally.
Crypto.com, an exchange platform that allows investors to manage and invest in digital assets, offers IRA accounts for consumers wanting to invest retirement savings in cryptocurrencies.
Aaron Kurzak, chief product officer of Crypto.com, notes how traditional 401(k) rollover methods, like lengthy waiting times and relentless paperwork, have deterred savers from consolidating retirement accounts.
Kurzak expects the new collaboration to not only streamline the rollover process for customers but also accelerate asset growth for Crypto.com.
“Our vision is to build the most comprehensive multi-asset trading platform in the world, and that requires removing the friction from historically complex processes like 401(k) rollovers,” said Kurzak. “By integrating Capitalize’s leading technology directly into our IRA offering, we are providing our users with a seamless way to consolidate their wealth. This offering is a key step in our vision of empowering our users to manage their entire financial future in one place.”
Crypto.com joins a list of other financial services organization that have partnered with Capitalize on 401(k) rollovers. Companies include TIAA and IRALOGIX in recent months have announced collaborations to integrate Capitalize’s rollover API solution on their platforms.
The rollover provider in March also unveiled a new platform dedicated to helping financial advisors and wealth management firms locate held-away accounts and initiate rollovers on behalf of clients.
“Investors want modern, digital solutions, and together, we’re transforming a legacy rollover process into something that’s simple and intuitive,” said Gaurav Sharma, CEO and co-founded of Capitalize, of its partnership with Crypto.com.
The latest collaboration comes as more retirement industry firms launch solutions aimed at modernizing the retirement account rollover process. In March, Transamerica released its artificial intelligence (AI) technology, “Pearl, The Transamerica Virtual Assistant,” to consolidate retirement accounts within days.
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news.