Customers will have the option to deposit “as much or as little” of their paychecks as they wish in the feature that will be rolled out in the coming weeks.
Coinbase will soon allow American companies to deposit employee paychecks directly into accounts on the cryptocurrency exchange.
In a Sept. 27 blog post, Coinbase Senior Product Manager Prakash Hariramani said that the exchange will offer direct deposits to workers who want to use their paychecks immediately to buy cryptocurrencies with no transaction fees.
Users can set up direct deposit through a payroll company supported in the Coinbase app or through a company’s human resources department.
Hariramani said users will have the flexibility to deposit “as much or as little” of their paychecks as they wish in the feature that will be rolled out in the coming weeks.
Coinbase cited frequent “time-consuming and inconvenient” transfers as the reason for the service, saying that direct deposits would allow users to earn crypto rewards more efficiently and quickly.
Coinbase has previously partnered with US-based companies, including Fortress Investment Group, M31 Capital, Nansen, and SuperRare Labs, to implement direct deposits for “employees in the financial services and designer economy,” and has signs of more in store. the next few months. The exchange also announced that holders of its branded Visa debit card will have the opportunity to earn up to 4% in crypto rewards.