Coinbase is rolling out a direct paycheck deposit feature for US users

Quick Take

  •  Coinbase will soon allow its U.S. customers to directly deposit their paycheck into a Coinbase account.
  • In separate news, Coinbase Card has added the ability to spend USD.

Crypto exchange Coinbase will launch a new feature for its U.S. customers that will allow them to directly deposit their paycheck into a Coinbase account.

"In the coming weeks, we'll launch the ability for customers in the US to get paid directly into Coinbase. Customers can get paid in crypto or US dollars and can choose any percentage of their paycheck to deposit," the company said Monday. "With direct deposit, customers can more easily access our crypto-first financial services and be ready for any trade or purchase."

With the new feature, users will be able to set up once and make recurring buys, earn interest on yield-generating assets or spend with their Coinbase Card, depending on whether they choose to get paid in U.S. dollars or crypto. Coinbase said it can convert users' direct deposits into either U.S. dollars or any of the supported 100 plus cryptocurrencies on its platform.

Coinbase further said that it has also partnered with several companies to enable staff to get paid in crypto, including M31 Capital, Nansen, and SuperRare Labs.

Coinbase Card updates

Coinbase also announced new features for its Visa debit card that gives customers up to 4% rewards in crypto for making purchases in crypto. But starting this week, Coinbase cardholders can also spend U.S. dollars to earn crypto rewards, said the company.

Coinbase Card has also expanded the list of supported assets to get crypto rewards in. It has included Dai (DAI), Amp (AMP), and Rally (RLY) tokens, in addition to the current five supported coins: bitcoin (BTC), ether (ETH), dogecoin (DOGE), The Graph (GRT), and Stellar Lumens (XLM).

The firm is also making the card available to all eligible U.S. customers starting this Fall, excluding Hawaii, it said. 

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.