The cryptocurrency exchange platform of Coinbase has just revealed that it’ll soon have a feature that would allow its users to deposit paychecks. Looks like the future of payroll is finally here folks.
Coinbase’s direct deposit feature
In a blog post that was published on Monday, Coinbase stated that over the next few weeks, they’ll be rolling out the ability for its customers in the United States to deposit their paychecks into their platform. This is to easily make more regular crypto trades, earn crypto rewards, and spend on Coinbase cards. It went on to note that users can deposit as much or as little of their paychecks as they please.
Further, Coinbase highlighted that the incoming direct deposit feature addresses their users’ concerns about making frequent transfers being too time-consuming. Additionally, this will allow its users to make investments, pay for goods and services with better efficiency and speed.
Also, it was noted that Coinbase users can even create and modify direct payments just by following a few steps on the crypto exchange platform’s app. One can just tap direct deposit within the settings menu, follow the instructions, and locate either the employer or payroll company. Coinbase will then be the one to automatically update its user’s paycheck allocation.
It will also make it easier for businesses
It was also stated that the platform will make it easier for businesses to pay their employees in crypto. Coinbase revealed that they’ve teamed up with several companies like M31 Capital, SuperRare Labs, Nansen, and Fortress Investment Group to enable employees throughout both the financial services and the creator economy to delve into what Coinbase deems as the future of payroll.
Coinbase Visa rewards
Coinbase also mentioneddid mention that they would allow Coinbase Visa debit cardholders to earn crypto rewards provided that they spend in dollars as well as specified cryptocurrencies without them incurring fees. They also pointed out in aon a separate statement that they’ve made some improvements on both its web and mobile apps. Such an update will enable its users to research assets, engage with a wider crypto economy and conduct transactions.
The crypto exchange platform stated that Coinbase Visa cardholders will be able to earn one percent on DAI tokens or four percent on AMP or RLY tokens starting this week. Further, these cardholders can now earn one percent on ether (ETH), dogecoin (DOGE), and bitcoin (BTC), and four percent on both the GRT and XLM tokens.
Coinbase’s VP of Product Max Branzburg said that they are building a one-stop-shop for crypto-based financial services. He went on to say that their goal is to enable everyone to get more out of their money with the power of crypto – from getting one’s paycheck in crypto to generating a yield on their users’ assets, to spending crypto and beyond – all from a single account.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.