Coinbase will soon allow United States businesses to deposit employees\u2019 paychecks directly into accounts at the cryptocurrency exchange.<\/p>\n
In a Monday blog post, Coinbase senior director of product Prakash Hariramani said the exchange would be offering direct deposits for workers who want to use their paychecks to purchase crypto with no transaction fees. Users can set up direct deposits through a supported payroll company on the Coinbase app, or through a company\u2019s human resources department.<\/p>\n
Hariramani said users will have the option to deposit \u201cas much or as little\u201d of their paychecks as they want in the feature rolling out in the next few weeks. Coinbase cited \u201ctime-consuming and inconvenient\u201d frequent transfers as part of the reason for the service, saying direct deposits would allow users a more efficient and faster way to earn crypto rewards. <\/p>\n
Coinbase has already partnered with U.S.-based firms including Fortress Investment Group, M31 Capital, Nansen, and SuperRare Labs to roll out direct deposits for \u201cemployees throughout the creator economy and financial services\u201d and hinted at more in the coming months. The exchange also announced\u00a0thatholders of its branded Visa debit card would have the opportunity to earn up to 4% back in crypto rewards.<\/p>\n