Coinbase Allows USD Paycheck Deposits for U.S. Customers

Coinbase, U.S. biggest crypto exchange, announced it wants to launch a new feature that will allow U.S. users to deposit their USD paycheck directly into their accounts.

On September 27, Coinbase said that the feature would be ready in the coming weeks. This feature would let customers make direct deposits for any percentage of their paycheck. In a blog post published, Coinbase notes,

“Direct deposit coming soon: customers will be able to deposit any percentage of their paycheck into their Coinbase account in crypto or USD.”

According to the crypto exchange, users could also hold their assets in fiat or directly transfer them into selected cryptocurrencies at zero cost. To be more precise, the exchange said that the funds could also be used for crypto rewards or spending on the Coinbase card.

As Coinbase continues, it added that the upcoming feature is based on users transacting on the exchange via earning, spending, trading, and borrowing.

Expanding further, the company said that customers can get paid in crypto or USD and can choose any percentage of their paycheck to deposit. But via direct deposit, users can easily access their crypto-first financial services.

What is more, with the feature, Coinbase exchange aims to allow customers to deposit funds into their accounts directly without the need for banks. This is the result of users' complaints about regular transfers, which are tedious and time-consuming.

Moreover, Coinbase is also developing an infrastructure to let firms pay their employees in cryptocurrencies. The exchange could introduce an automatic paycheck distribution or give guidance to allow manual deposits via a company’s payroll system.