Coinbase announced last Monday, September 27 that the platform will soon be accepting direct deposits from paychecks into Coinbase accounts in the United States. In a press release published on the website, Coinbase representatives said that this feature will be available whether the deposits are in fiat or cryptocurrency.
The process will vary depending on the user and the discretion of their employers. For example, instead of depositing the paycheck into a bank account, it can be deposited into a Coinbase user’s online account.
Out of all the other crypto exchange platforms, Coinbase is known for being able to convert USD into almost any cryptocurrency with ease. However, these services will soon be expanded to make room for more user-friendly transactions.
An article published on the Coinbase blog said that the overall goal is to make crypto transactions easier for users who make long or short-term investments.
Coinbase’s Senior Product Director, Prakash Hariramani, talked about the reason behind the latest developments, sharing, ‘Customers tell us that making frequent transfers is time-consuming and inconvenient.’
As a result, Coinbase has given its users in the US a chance to make direct deposits with no transaction fees. This is to eliminate unwanted transactions and excess fees that could be discouraging users to use the Coinbase platform.
Speed and efficient transactions are also one of the main goals in this update. Instead of transferring funds from a paycheck to a bank to an online wallet or the exchange platform, the process will be finished in one quick step. Other big names in the crypto market like Binance or Kraken have yet to offer this new feature.
In a statement given to CoinDesk, Coinbase’s Vice-President of Product Max Branzburg discussed the overall mission of the initiative. He called the update a ‘one-stop-shop for crypto-based financial services’.
‘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,’ Branzburg stated.
There is no specific date as to when the update will be available to Coinbase users in the US, but the official announcement says it should be available within the next few weeks. For now, Coinbase has revealed that they will be working with an FDIC-insured bank partner to complete the initiative.
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