Users in the United States will be able to deposit their paychecks directly into cryptocurrency on Coinbase.
On 27 September 2021, the United States-based cryptocurrency exchange platform Coinbase announced that it would enable direct payment deposits for its users. With this move, the users will be allowed to deposit any amount they desire from their paycheck, whether in the form of crypto or fiat currency. No extra fees will be charged for the same. This will help in addressing the user concerns regarding frequent transfers, which used to be quite time-consuming. With the direct deposits, the users will be able to invest, earn interest on cryptos, and also pay for goods and services more efficiently.
The direct payments can be created and modified on the Coinbase app by following a few simple steps. The instructions regarding the enabling of manual deposits via the Coinbase payroll system will be provided by the platform. Besides this, Coinbase will set up an automatic paycheck distribution system.
Another announcement was made by Coinbase, where it stated that it would provide the Visa debit cardholders an opportunity to earn rewards in the form of cryptos. Whenever they spend any amount in the form of dollars or cryptos, they would not be charged any fees and would also earn the rewards. On the DAI tokens, the cardholders will be able to earn 1%, while on the RLY and AMP tokens, they will be able to earn around 4%. Besides this, the platform is also continuously improving its web and mobile apps to allow the users to conduct transactions, research digital assets, and engage with the crypto economy at large.