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Coinbase Allowing Users to Deposit Paychecks To Their Exchange
Brian Armstrong, CEO of Coinbase, has announced a new feature that boosts convenience for regular traders on his company’s platform. Users can now deposit some or all of their paycheck directly to their Coinbase wallet.
Straight To The Coinbase Exchange
Coinbase’s blog announced that the new feature will save users time from steps formerly necessary for transferring money. Rather than manually moving funds from their PayPal or bank accounts, traders can send their paychecks directly to Coinbase.
This makes life substantially easier for users making regular money transfers to the exchange. Frequent, automatic transfers allow users to invest in crypto and use Coinbase Card at their earliest possible convenience.
What’s more, the new feature will effectively allow investors to receive payments directly in cryptocurrency. Should the user prefer it, Coinbase can automatically convert their USD paychecks into a token of their choice. And, the service works with zero transaction fees. The function removes yet another headache for regular investors and heightens user’s familiarity with a crypto-based income.
The exchange has partnered with multiple companies to launch this feature, including Fortress Investment Group, M31 Capital, and Nansen. They are apparently continuing to develop products that support businesses paying their employees in cryptocurrency.
The feature will launch in the weeks to come.
Putting the ‘Currency’ in Cryptocurrency
An ancient criticism of Bitcoin and other cryptos is that they have no real value than traditional currencies. This is because very few institutions allow customers to actually pay for their products and services using cryptocurrency. However, this latest development is among many others that are quickly changing that fact.
Coinbase has been one of many institutions responsible for helping cryptocurrency become an actual means of exchange. Through their prepaid Coinbase Card, customers can spend their crypto at any location that accepts Visa. The card automatically converts the holder’s crypto assets into fiat money before transferring funds to the business’s account.
Other institutions have launched similar products in recent years, including BitPay and Mastercard. Mastercard, in particular, has made numerous partnerships and sponsorships in the cryptocurrency space. They hope to increase innovation and adoption of blockchain technology around the world.
One of the most significant developments in this area came in Twitter’s recent update. The social media platform now allows American users to tip each other in Bitcoin using the lightning network. The update also comes with a beginners’ guide on setting up your own wallet.
Coinbase’s latest feature is significant because it brings easy crypto payments to employees rather than just customers.