Coinbase Adds Direct Deposit Feature – US Paychecks Can Soon Be Converted to Crypto –

On September 27, digital currency company Coinbase announced that US customers will soon be able to deposit their paychecks directly into their Coinbase accounts. With the new direct deposit feature, Coinbase customers can use their funds to make investments, earn income, or upgrade their Coinbase prepaid debit card.

US Coinbase customers will soon be able to use the direct deposit feature

Coin base has come a long way since the company's founding in 2012, and now as a publicly traded company, the crypto company offers a variety of services and is still one of the top gateways into the crypto world. On Monday, the company's senior director of product, Prakash Hariramani, published a blog post explaining how US Coinbase customers will soon be able to deposit their paychecks directly into their Coinbase accounts.

"In the next few weeks," Hariramani announced, "we're introducing the ability for customers in the US to deposit their paycheck into Coinbase to more easily make regular crypto trades, spend on Coinbase Card, earn crypto rewards, and more. Get paid in crypto or US dollars and deposit as much or as little of your paycheck as you want. The future of payroll is coming." Hariramani's post adds:

Now you'll save time on the additional steps required to move money so you can instantly earn interest on your income or earn crypto rewards with your Coinbase Card. Plus, you pay no transaction fees for direct deposit funds, giving you instant and free access to the crypto economy.

Access to over 100 cryptocurrencies

According to Hariramani, users can deposit as little or as much as they want from their paychecks and have the money paid out in over 100 crypto assets. Funds can be transferred to stablecoins such as USDC and DAI or remain as USD. Hariramani says the setup can be done easily without leaving the Coinbase application.

“In Settings, tap Direct Deposit, follow the instructions and find your current payroll company or employer, and we will automatically update your paycheck allocation,” the Coinbase executive said. If you prefer to set up direct deposit manually, we provide instructions on what to share with your human resources department or your employer's payroll website. You can change your direct deposit preferences at any time in your settings,” concludes Hariramani.

Coinbase's direct deposit feature gives people more ways to access crypto, increasing the accessibility of the crypto economy as a whole. There are some other companies that offer direct deposit solutions to access crypto like the company Bitwage. Founded in 2014, Bitwage specializes in crypto payroll services and human resources (HR) for companies with employees who want to be paid in digital assets.

What do you think about Coinbase adding direct deposit access to its crypto markets for US customers? Let us know your thoughts on this topic in the comments below.

Photo credits: Shutterstock, Pixabay, Wiki Commons