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Customers Of Coinbase now has the option to deposit “as much or as little” of their paychecks. Additionally, This feature will be rolling out in the next few weeks.
Coinbase sets to allow United States businesses to deposit employees’ paychecks directly into accounts. As the reports says, this will be done on the exchange’s platform.
Prakash Hariramani, Coinbase senior director of product during a Monday blog post, says the exchange will offer direct deposits. Furthermore, this is for workers who desires to use their paychecks to buy crypto. This has no transaction fees charges to it.
So, Users can open direct deposits through a payroll company on the Coinbase app.
The company must be supported by the platform. Although, it can be through a company’s human resources department.
According to Hariramani, users has an option to deposit “as much or as little” of their paychecks. However, coinbase cites “time-consuming and inconvenient” frequent transfers as a reason for the service. Additionally, the direct deposits will give user more efficient and faster way to earn crypto rewards.
Coinbase is in partnership with U.S.-based firms including Fortress Investment Group, M31 Capital, Nansen, and SuperRare Labs. These partnership will help launch out direct deposits for “employees throughout the creator economy and financial services”. Of course, and also more will be coming later. Also, Users with the brands Visa Debit Card gets to earn up to 4% back in crypto rewards.
Coinbase wants to release its Lend crypto lending program. Furthermore, with plans to offer partial returns on deposits of USD Coin (USDC). However, due to threats from Securities and Exchange Commission with legal action, the company decides to pause the project for now.