The massive crypto exchange will enable its U.S. customers to deposit all or part of their paychecks in crypto or dollars without a fee.

Posted by Gerald Roberts on September 30, 2021 - 12:30am Edited 10/1 at 5:48pm

The massive crypto exchange will enable its U.S. customers to deposit all or part of their paychecks in crypto or dollars without a fee.

Coinbase will enable direct paycheck deposits, the U.S. cryptocurrency exchange giant announced in a blog post-Monday.

The nine-year-old, publicly-traded company said it will allow users in the U.S. to deposit “as much or as little” of their paycheck at no fee, whether in crypto or fiat currency. Coinbase said that direct deposit would address concerns that making frequent transfers was too time-consuming, and will allow users to make investments, earn interest on digital assets or pay for goods and services with greater speed and efficiency.

Users can create and modify direct payments by following a few steps in the Coinbase app. Coinbase can set up an automatic paycheck distribution or provide instructions to enable manual deposits via a company’s payroll system. The company said the service will be launched in “the coming weeks.”

In a separate announcement, Coinbase said it would allow Coinbase Visa debit cardholders to earn crypto rewards on spending in dollars as well as certain cryptocurrencies without fees, and that it had improved its mobile and web apps to enable users to research assets, conduct transactions, and “engage with the broader crypto-economy.” The company said that beginning this week, cardholders will be able to earn 1% on DAI tokens or 4% on AMP or RLY tokens. They can already earn 1% on ether, dogecoin, and bitcoin, and 4% on the GRT and XLM tokens.

“Coinbase is building a one-stop-shop for crypto-based financial services,” VP of Product Max Branzburg said in a statement to CoinDesk, adding:

“Our goal is to enable everyone to get more out of their money with the power of crypto – from getting your paycheck in crypto, to generating a yield on your assets, to spending your crypto and beyond – all from a single account.”

Coinbase noted its partnerships with M31 Capital, Nansen, and Super rare Labs enable workers in the “creator economy” to receive crypto payments. The company said it would make further announcements in the coming months about how it would facilitate these types of payments by companies.

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