Job workers have long been able to deposit their checks into their bank. The process sees the employer send the money directly to the employee’s bank account without the need to go cash a physical check.
A cryptocurrency trading platform would like you to deposit your paycheck with them to invest in the ever growing world of crypto.
What Happened: Several new features were announced by Coinbase Global Inc COIN on Monday. Among the announcements was a new direct deposit feature for Coinbase customers.
“Over the next few weeks, we’re rolling out the ability for customers in the US to deposit their paycheck into Coinbase to more easily make regular crypto trades, spend on Coinbase Card, earn crypto rewards and more,” Coinbase said in a press release.
Customers can get paid their paycheck in U.S. dollars and deposit as much or as little of their paycheck as they want.
Customers can also choose to be paid in over 100 cryptocurrencies supported by Coinbase. So if you were dreaming of getting paid in Bitcoin BTC/USD, Dogecoin DOGE/USD or Ethereum ETH/USD, this could be your chance.
Related Link: Coinbase Q2 Takeaways: Record Revenue, Coinbase Card, International Expansion
Why It’s Important: The new direct deposit feature will provide zero-fee access to cryptocurrencies.
The company said that many account holders make frequent transfers into Coinbase to make investments.
“Customers tell us that making frequent transfers is time-consuming and inconvenient,” the company said.
Interest will be earned on the income in the Coinbase account and customers will be able to earn crypto rewards with the Coinbase Card.
The addition of direct deposit features could help Coinbase add new customers to the platform and also encourage more investing from existing investors, helping boost the company’s trading volume and revenue.
Other Features: Coinbase announced Monday that it was making it easier for businesses to pay their employees in cryptocurrencies. The company partnered with a number of companies to “enter the future of payroll.”
The Coinbase Card, which is a Visa Inc V partnered card, adds the ability to spend U.S. dollars and added several new rewards that will be offered in the fall.
Coinbase Card gives up to 4% in crypto rewards on eligible purchases. All Coinbase customers will be eligible to sign up for a Coinbase Card in the fall.
Coinbase also updated the assets tab on customer’s crypto holdings. More research for trades ideas is being added.
COIN Price Action: Coinbase shares gained 0.18% Monday, closing at $232.24.
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