Coinbase unveils ‘paycheck deposit’ feature for US customers

The trailblazing move is the exchange's latest attempt at bringing mainstream adoption of cryptocurrencies to US-based customers

Cryptocurrency exchange Coinbase has unveiled a ‘paycheck deposit’ feature that will allow US customers to directly deposit their salary into their account.

The feature will allow US customers to make trades, invest in their favourite assets, spend their crypto through a Coinbase card and earn rewards for holding cryptocurrencies in their account.

Released in the coming weeks, customers will have the choice of getting paid in crypto – which is automatically converted by Coinbase with no transaction fees – and can choose from the 100+ assets that are available on Coinbase.

Customers can also be paid in US dollars or a stablecoin such as USDC or DAI to earn interest. Additionally, customers also have the choice of how much of their paycheck they would like to deposit into their account, and will pay zero transaction fees on direct deposit funds.

Coinbase CEO Brian Armstrong tweeted positively about the feature, saying that it now brings the US “One step closer to crypto payroll…”.

Coinbase noted that it was introducing the feature to alleviate the “time-consuming and inconvenient” nature of making frequent transfers to purchase cryptocurrencies.

The exchange also said that customers could “immediately earn interest” on their income and earn crypto rewards by using a Coinbase Card. It recently integrated Apple and Google Pay services into its Coinbase card service and has enabled customers to pay with assets such as Bitcoin and Ethereum with ease.

It added that it is now also “making it easier for businesses to pay their employees in crypto” by partnering with a number of crypto-friendly companies like Nansen and SuperRare labs.

Coinbase has been a trailblazer in bringing major adoption of cryptocurrencies to both retail and institutional customers in the US as part of its ‘Crypto 2.0’ roadmap. The exchange is also working on bringing faster, cheaper and easier deposits and withdrawals to customers through the integration and development of Layer-2 protocols like Polygon and Arbitrum.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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