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Leading cryptocurrency exchange of the United States, Coinbase has recently announced the launch of "Get Paid in Crypto" which will allow American citizens to receive their paychecks in crypto. The crypto paycheck will be issued in Bitcoin, Ethereum, and 100+ other cryptocurrencies available on the Coinbase platform.
Coinbase Launches Crypto Paychecks for American Citizens
Apart from the "Get Pain in Crypto" service, the crypto exchange is also going to allow users to receive payments in US dollars directly to their Coinbase account. And they can spend this money with their Coinbase account debit card just like their regular bank account. The crypto platform also offers its users the option to receive payments in USDC or DAI and earn interest over time.
As per its official blog post, the crypto exchange aims at reducing the friction while the usage or acquire of various digital assets, helping its users to exchange or purchase the tokens hassle-free. The company believes that this move will represent the future of payroll in the country.
Expanding Its Crypto Payments and Exchange Services
Registration is done on a zero-fee basis, however, Coinbase will benefit from the spread on transactions. Essentially, the crypto exchange will take care of the entire process, which begins with the client receiving the money and extending until the deposit in the exchange account up till the purchasing the tokens. By automating the process because of its speed, customers get the impression of being paid directly in cryptocurrencies.
The registration process is simple and is done only once which requires the client's information about their current payroll company or employer. The exchange will take care of the necessary paperwork to receive his money directly in the Coinbase account.
Despite the recent setbacks where the company had to abandon its plan of launching crypto lending services, Coinbase is faring well in the North American crypto market. A few weeks back, it received the largest-ever public contract with the US government which entails providing blockchain analytics software services to US Homeland Security Department for confidential purposes.