blockster.com
According to an announcement posted a few hours ago, the vast Coinbase user base will now receive their paycheck in cryptocurrencies.
The new “Get Paid in Crypto” feature offered by Coinbase will allow users to receive their payments in cryptocurrencies. Some of the coins that will be supported under this new feature are Bitcoin, Ethereum and more than 100 cryptocurrencies available on the exchange.
Besides receiving payment in cryptocurrencies, Coinbase users can also choose the option to get paid in US dollars. The users can later spend this fiat either through the Coinbase debit card like one would do with a bank account. Other supported options will be payments in USD Coin and DAI, and over time, they can earn interest on their crypto holdings.
The new feature will also allow people to save on the time needed to transact with the crypto holdings on their Coinbase account. Besides, it will also be possible for people to earn interest on their crypto income and earn crypto rewards through the Coinbase card.
The new feature will also add value to Coinbase users because the service will come at zero transaction fees on direct deposits. Financially, Coinbase will benefit from this new feature through spread on transactions. This will give users instant and free access to cryptocurrencies.
Coinbase also has other benefits that will come with this new feature, such as reducing the hectic process that comes with the use of cryptocurrencies. In the blog post, Coinbase stated that this new functionality would be a step forward towards enhancing the future of payment systems.
When using this new feature, users will not have to worry about any complex details. Coinbase will be involved in every step and automate every process. The exchange has also installed efficient and fast processes to speed up token processing to give them the feeling that they are being paid in cryptocurrencies.
Registering for this new process is also easy on the end of users. To sign up, a user will provide details about the company or employer they are working for. After providing these details, Coinbase will take care of any other paperwork needed to process the payments.
Despite the toughening regulatory climate, Coinbase has been actively expanding its service offerings to make it a competitive crypto player in the US. In April, the exchange became a publicly listed company, a major milestone for the crypto firm.
Besides attracting cryptocurrency investors, the company’s stocks are also attractive, and they are more demanded by investors who want to gain crypto exposure.
Coinbase recently announced that it would develop a crypto lending program. However, it received a Wells Notice from the Securities and Exchange Commission stating that the program was against the securities laws. Following this warning, Coinbase was forced to suspend the rollout of this service.
However, Coinbase’s relationship with US regulators has not always been on the rocks, as the exchange recently partnered with the US government for its blockchain analytics software. The contract was worth $1.36 million, but failed to disclose what government agencies will be using for the analytics software.