decrypt.co
U.S. publicly-listed crypto exchange Coinbase announced Tuesday it is ending its Paycheck Direct Deposit service, a feature that had previously allowed users to allocate part or all of their paycheck to be paid in crypto.
“Starting November 25, we'll no longer support paycheck direct deposit on Coinbase,” the exchange’s team said in an email sent to users Monday. “Please remove your Coinbase account from your paycheck to avoid delays in getting paid.”
However, the decision has sparked frustration.
Customers using the paycheck feature have spoken out on social media about the unexpected change, prompting complaints from those who had relied on it for making consistent crypto investments.
Hey @Coinbase, this sucks.
I’ve been DCAing on your platform for years, and have been happy to pay marginally higher fees on your platform for the added convenience of direct deposit and integration with my tax platform. But now it just doesn’t makes sense to continue using… pic.twitter.com/EhfwuFwKDe
— Brandon Marshall 🧙🏻♂️ (@marshallmixing) October 14, 2024
A Coinbase spokesperson told Decrypt that it “has made the decision to wind down” the feature but that the company will “ bring back a better retail direct deposit experience in the future.”
“We’ve announced our new Coinbase Wallet Direct Deposit feature, which will roll out in the coming months to eligible users—further helping users bring their financial lives fully on-chain,” they said.
Direct deposits are coming to Coinbase Wallet.
Soon you'll be able to get paid directly in crypto, right in your wallet. Available now in Argentina + more regions in the coming months. pic.twitter.com/YU4kw3Hgl8
— Coinbase Wallet 🛡️ (@CoinbaseWallet) October 14, 2024
The new feature, set to roll out over the next few months to eligible users, will allow customers to get paid directly in crypto, which will be deposited right into their Coinbase wallet.
Coinbase has yet to announce a specific date for the launch of the new wallet service, presenting a possible gap between the discontinuation of the current feature and the launch of the new one.
In a tweet reply to a disgruntled customer, the official Coinbase Support account acknowledged that “having a gap in service really can be limiting” but added that “hopefully, this will lead to improvements down the line.”
Edited by Sebastian Sinclair