Coinbase allows direct paycheck deposits

Coinbase customers will now be able to receive their paycheck directly into their Coinbase account, either in cash or cryptocurrencies like bitcoin.

The cryptocurrency exchange, currently the world’s largest by trading volume, reported revenues of $1.14 billion for its 2020 financial year.

Customers will be able to choose what percentage of their paycheck will be automatically deposited, and the feature is set to launch for US consumers within weeks.

The news comes after Coinbase launched a Visa debit card allowing users to use crypto assets such as bitcoin to make real-world purchases in April 2019.

Coinbase’s card converts users’ crypto assets to US dollars for payments with a 2.49 per cent transaction fee, however spending with US dollars directly involves no transaction fee.

“With direct deposit, customers can more easily access our crypto-first financial services and be ready for any trade or purchase,” Max Branzburg, vice president of product at Coinbase, said in a blog post. “We’re determined to deliver the most trusted full suite of crypto-first financial services to our 68 million users.”

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