Coinbase to allow direct deposits in the US

Karthik Subramanian

Coinbase, one of the largest cryptocurrency exchanges in the world, has announced that it will be starting direct deposits in the US which will help its users to deposit their paychecks, full or in part, to their Coinbase account.

This is a huge step forward for the company as this means its users would be able to convert a part of their entire salary into cryptocurrencies and opt to get paid in crypto or USD as well. The amount of deposit from the paycheck can be chosen and adjusted at any time by the user and can be as little or as much as they want. The amount deposited into the Coinbase account can then be used for trading or investing or it can be used to generate interest or can also be used for making payments.

Coinbase is looking to design a huge financial ecosystem around the cryptocurrency space which will go a long way into bringing the cryptos into the mainstream. But allowing free conversion of fiat to crypto and vice versa and by keeping the charges as nil or as minimal as possible, it has been making all kinds of efforts to drive the full-scale adoption of crypto as a viable alternative to fiat and make it easy for any kind of user, not just crypto users, to participate in any of the crypto products that are currently available.

Of course, anything that disrupts the financial ecosystem is likely to draw the ire of the regulators and Coinbase is no exception as it has been forced to shut down its lending product as it was threatened with legal action if it didn’t do so. But this direct deposit action could help it continue its drive to make crypto mainstream as it works with various companies including M31 Capital, Nansen, and others to make it easy for them to pay their employees in crypto. It would be interesting to see how many of the employees would actually opt for getting paid in crypto and only that will tell us how far the campaigns of Coinbase have been successful so far. Coinbase is expected to bring in additional products and features into its platform shortly as it looks to tie up with partners like Monneo and others to bring crypto to the masses in various ways that are possible.

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