You can now automatically convert your paycheck to Bitcoin with Coinbase

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Coinbase is rolling out paycheck direct deposits and automatic Bitcoin conversions. The $ 223 billion Bitcoin and crypto exchange posted on their blog today that they will be rolling out the feature in the coming weeks.

Paychecks deposited directly into Coinbase can be converted directly to Bitcoin, cryptos, or US dollars. It can also be used to trade, earn crypto rewards, or charge a Coinbase card.

The new functionality will allow users to allocate “as much or as little” of their salary as they wish.

Notably, the new feature offers free deposits, which makes the process a bit more efficient and cheaper for users who frequently send funds to Coinbase.

Coinbase has not placed any restrictions on cryptocurrencies outside of Bitcoin into which you can automatically convert your paycheck.

The new payroll feature only needs to be set up once, users can manually enter and sync Coinbase with their employer, or manage their payroll allowance directly in the app. The feature is enabled through a partnership between Coinbase and “a number of companies, including Fortress Investment Group, M31 Capital, Nansen and SuperRare Labs.”

The news comes just a month after Coinbase announced that it updated its investment policy to include a quarterly income allocation of 10% in Bitcoin and a handful of speculative cryptocurrencies and also committed to invest $ 500 million on its 4 billion reserves in Bitcoin and crypto.

Last August, Coinbase also announced its launch in Japan through a new partnership with one of the country’s largest banks, Mitsubishi UFJ Financial Group. The partnership will allow 40 million MUFG account holders to quickly access and start buying Bitcoin on Coinbase.

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