Coinbase Launches Paycheck Deposits in the United States
Coinbase has announced that it will soon allow US clients to deposit their wages. Users will soon be able to fund their accounts via direct deposit from their employer.
Paychecks Are Available to Coinbase Users. Coinbase customers in the United States will soon be able to have their paychecks deposited directly into their accounts.
Users will be able to transfer their entire wages or a portion of them. They will have the option of receiving their salary in US dollars or in Bitcoin or other assets supported by the site.
The service appears to be available to employees of any United States employer that pays via direct deposit. Users can either search for their employer’s payroll business on Coinbase or manually initiate the deposit through their employer’s human resources department.
Coinbase claims that its direct deposit tool will eliminate the “time-consuming and inconvenient” nature of bank transfers by eliminating the additional steps required to fund an account.
Several other businesses, such as Strike and Bitwage, already support paycheck-to-cryptocurrency conversion. Coinbase, however, as the fourth-largest operating exchange, maybe the most mainstream cryptocurrency company to offer the service.
In the Coming Weeks, This Feature Will Be Added
Coinbase did not specify a date for the implementation of direct deposit options. Rather than that, it stated that the feature would be available “over the next few weeks” alongside cryptocurrency rewards and the Coinbase card.
Additionally, Coinbase stated that it intends to enable businesses to accept cryptocurrency payments. In this regard, it highlighted relationships with Fortress Investment Group, M31 Capital, Nansen, and super rare Labs. The business concluded that it would make additional announcements on these subjects in the coming months.