Coinbase to launch direct crypto or USD paycheck deposits for US customers

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Cryptocurrency exchange Coinbase has announced plans to roll out a new feature that will allow US users to deposit their paychecks directly into their online accounts.

In a blog post published on September 27, Coinbase indicated that the feature that will be available in the coming weeks would allow customers to make direct deposits for any percentage of their salary. According to Coinbase:

Upcoming Direct Deposit: Customers will be able to deposit any percentage of their salary into their Coinbase account in crypto or USD. “

The exchange says users can also keep their money in fiat or instantly transfer it to preferred cryptocurrencies like Bitcoin at zero cost. The funds can also be used for crypto rewards or spending on the Coinbase card.

The company also reported that the upcoming new feature is driven by more users trading on the stock market by spending, earning, trading and borrowing.

“Customers can be paid in crypto or US dollars and can choose any percentage of their paycheck to deposit. With direct deposit, clients can more easily access our crypto-first financial services and be ready for any transaction or purchase, the exchange said.

Eliminate banks in fiat deposits

The feature also aims to eliminate the need to rely on banks for customers to deposit funds into their accounts. This is after exchange users have complained that regular transfers from their bank accounts are tedious and time consuming.

Coinbase noted that it is also building the infrastructure to allow companies to pay their workers in cryptocurrencies.

Users who opt for the feature will be able to create and edit direct payments with just a few steps in the Coinbase app. Coinbase can set up automatic distribution of paychecks or provide instructions to allow manual deposits through a company’s payroll system.

The exchange joins other popular fintech platforms to allow users to deposit their paychecks. PayPal and the Robinhood stock trading app also allow users to deposit their paychecks directly to the platform.

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