Coinbase to Automatically Convert Paycheck to Cryptocurrency With Launch of Direct Deposits
Cryptocurrency exchange Coinbase is releasing new features that involve allowing direct deposits. This means US customers will soon be able to deposit a portion of their paycheck into Coinbase.
“Get paid in crypto or in US dollars and deposit as much or as little of your paycheck as you want. The future of payroll is coming,” said the exchange.
If one chooses to be paid in crypto, Coinbase will automatically convert the paycheck from US dollars to crypto, involving no transaction fees.
“You’ll pay zero transaction fees on direct deposit funds so you have instant and free access to the cryptoeconomy,” said Prakash Hariramani, Senior Director of Product at Coinbase.
For this, Coinbase is partnering with companies like Fortress Investment Group, M31 Capital, Nansen, and SuperRare Labs.
As part of its expansion plans, Coinbase is introducing different use cases and more financial services. With this ability for customers to deposit their paycheck into Coinbase, a feature that will be rolled out over the next few weeks, it will allow people to more easily make regular crypto trades, spend on Coinbase Card, and earn crypto rewards.
Coinbase’s debit card is powered by Marqeta, an FDIC member. This Visa debit card works with both Apple Pay and Google Pay.
For this paycheck deposit feature, Coinbase is further changing the tabs in its mobile app. These four new tabs will now cover “Assets,” “Trade,” “Pay,” and “For You.”