Coinbase Is Allowing Users to Deposit Paychecks Into Their Accounts

Leading cryptocurrency platform Coinbase is taking it a notch higher in the crypto boom by allowing its users to deposit their paychecks into their accounts.

The company announced on Monday that U.S. users will be able to deposit any percentage of their paycheck directly into their accounts in the coming weeks.

Deposits will be either in U.S. dollars or will immediately be transferred into cryptocurrencies with no fees, according to the company’s announcement via a blog post.

“With direct deposit, customers can more easily access our crypto-first financial services and be ready for any trade or purchase,” wrote Max Branzburg, vice president of product at Coinbase, in the post. “We’re determined to deliver the most trusted full suite of crypto-first financial services to our 68 million users.”

The launch will go live in the coming weeks and follows after customers had been complaining that frequent transfers from their banks were “time-consuming and inconvenient.”
Coinbase has added that it aims to give “instant access to the cryptoeconomy.”

The company will be using an FDIC-insured bank partner for direct deposit but did not specify which one. The company currently works with MetaBank for its Coinbase rewards card.

Earlier this month Coinbase had canceled plans for a high-interest lending product after the SEC threatened to sue over it.

Coinbase CEO Brian Armstrong called it “really sketchy behavior coming out of the SEC recently.”

Armstrong had also said that the agency refused to meet with the company, and gave “zero explanation as to why.”

Coinbase, which went public in April through a direct listing, has seen its shares fall 40% since.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.