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.”

    Share Story:

Recent Stories


Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.

Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.

Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.

Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.