Coinbase’s Senior Director of Product, Prakash Hariramani, announced that the exchange has yielded to the request of some users to deposit their paychecks directly into their accounts. The reason most users cited was that “making frequent transfers is time-consuming and inconvenient”.
With this functionality, Coinbase users can choose to accept their payment in USD or crypto, and they can determine the percentage they want to deposit. With this direct deposit, Coinbase US customers can trade more easily and even spend on their Coinbase Cards.
Concerning fees, Coinbase would not charge its users to pay any fee for direct deposits. But without prejudice to the earlier statement, the users would have to pay spread fees and other standard fees.
For existing Coinbase customers, they can activate this functionality in two ways; automatic and manual setup. To do the automatic setup, they will tap “settings”, select “direct deposit”, and follow the instructions accordingly.
With respect to the manual approach, Coinbase remarked that it would “provide instructions on what to share with your HR department or employer payroll website.”
Prakash also noted that Coinbase is trying to make things easier from the perspective of businesses. It is making it available for them to enlist their workers in a payroll and just pay them at once.
According to the exchange, it has partnered with some companies to facilitate seamless payment of employees in the creator economy and financial services. These companies include Nansen, Fortress Investment Group, M31 Capital, and SuperRare Labs.