In a recent blog post, Coinbase has said that they are going to roll out a direct paycheck deposit facility to its users. In fact, the paycheck direct deposits can then be auto-converted into Bitcoin (BTC). Coinbase cryptocurrency exchange, a US$223 billion crypto exchange, is reportedly going to roll out this facility in the coming few weeks.
Once the rollout is complete, you can make your paychecks deposited directly into Coinbase and convert them to either Bitcoin, US Dollars, or other cryptocurrencies. Once done, you can use it for trading, earning cryptocurrency rewards, or load a Coinbase card.
This new feature doesn’t need you to deposit all your paycheck to the Coinbase account. You can allocate “as much or as little” of your paycheck as you want. No fee deposit is to be done to avail of this new feature of Coinbase. If you send funds frequently to Coinbase, this new feature will make the process more efficient and affordable. No restriction is imposed by Coinbase on auto-conversion of paycheck to cryptos other than BTC.
You only need to set up the new payroll feature only once. Entering and syncing Coinbase with your employer can be done manually. You can also use the app for directly managing payroll allocation. Coinbase is enabling this feature by partnering with multiple companies including SuperRare Labs, Fortress Investment Group, Nansen, and M31 Capital.
This news comes just a month after Coinbase cryptocurrency exchange announced that it has updated its investment policy. According to this updated policy, the users are allowed to include a 10% quarterly income allocation in BTC as well as some selected speculative digital assets. In that announcement, Coinbase also pledged to invest US$500 million (of its US$4 billion in reserves) into BTC and other altcoins.
Coinbase had also announced in August 2021 that they have partnered with Mitsubishi UFJ Financial Group (one of the largest banks in Japan) to launch their operations in Japan. This partnership will allow 40 million account holders of Mitsubishi UFJ Financial Group to access Coinbase and buy BTC easily.
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