Users will soon be able to fund their accounts through direct deposits from their employers.
Coinbase has announced that it will soon allow clients in the United States to deposit their wages.
Paychecks are available to Coinbase users.
Customers in the United States will soon be able to have their wages deposited directly into their Coinbase accounts.
Users will have the option of transferring all or portion of their earnings. In addition, they’ll have the option of receiving their salary in U.S. dollars or converting it to Bitcoin or other assets accepted by the site.
Employees of any U.S. firm that pays by direct deposit appear to be eligible for the service. Users may seek up their employer’s payroll business on Coinbase or manually set up the deposit through their H.R. department.
By eliminating the extra steps required to fund an account, Coinbase claims that its direct deposit function would solve the problem of bank transfers being “time-consuming and unpleasant.”
Paycheck-to-cryptocurrency capabilities are already available on several other sites, including Strike and Bitwage. However, Coinbase, as the world’s fourth-largest cryptocurrency exchange, may be the most mainstream crypto business to provide the functionality.
In the next weeks, a new feature will be added.
Direct deposit services will not be available until later this year, according to Coinbase. Rather, it stated that the functionality, along with crypto incentives and its Coinbase card, will be pushed out “over the following several weeks.”
Coinbase has stated that it intends to allow businesses to pay using cryptocurrency. In this regard, it mentioned collaborations with Fortress Investment Group, M31 Capital, Nansen, and SuperRare Labs.
The firm concluded that it would make more announcements on these topics in the coming months.