Coinbase, the largest cryptocurrency exchange in the United States, has announced that it will roll out paycheck direct deposit and auto-conversion into Bitcoin over the next weeks. The new feature will allow users to conveniently distribute their paycheck.
The $223 billion crypto exchange Coinbase posted today on their blog that they will soon introduce paycheck direct deposits and auto-conversions into Bitcoin, according to Bitcoin Magazine. Paychecks deposited directly to Coinbase can be converted directly to Bitcoin, other cryptocurrencies or US dollars, and can be used to trade, earn crypto rewards, or load a Coinbase card.
The new feature will allow users to distribute whatever part of their salary they want. It offers zero commission deposits, making the process more efficient and cheaper for users who often send funds to Coinbase. At the moment, there are no restrictions on what cryptocurrencies your paycheck can automatically convert to.
The new payroll function only needs to be configured once. Users can manually enter data and sync Coinbase with their employer or manage their payroll allocation directly on the app. This feature is available through partnerships between Coinbase and several other companies including Fortress Investment Group, M31 Capital, Nansen, and SuperRare Labs.
© 2021, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.
