U.S. cryptocurrency exchange Coinbase announced that it will now allow its users to deposit their paycheck directly into their accounts. According to the company’s blog post, this is set to further integrate digital assets into the realm of traditional banking.
The feature is set to roll out for customers in the U.S. in the following weeks, allowing users to convert their paychecks into over 100 different cryptocurrencies supported on the exchange. Coinbase also noted that users will pay zero transaction fees on direct deposit funds and that the funds will be instantly visible on their accounts.
Prakash Hariramani, the Senior Product Director at Coinbase, said in a blog post that customers have long been making frequent transfers into Coinbase, either to make investments, earn interest on yield-generating assets, or fund purchases with Coinbase Card. However, the exchange has gotten complaints that making frequent transfers was time-consuming and inconvenient, which is why it decided to automate direct deposits.
Direct deposits can be set up in the Coinbase app. After users select their current payroll company or employers, Coinbase will automatically update their paycheck allocation. Users that prefer to set up direct deposits manually will receive instructions on what to share with their HR department or employer payroll website.