Cryptocurrency exchange platform Coinbase will soon offer direct deposit in the U.S., enabling customers to deposit part of their paycheck into their Coinbase account, according to a Monday (Sept. 27) blog post from the company.
Beginning this fall, customers will be able to deposit as much – or as little – of their paycheck as they like. Account-holders can opt to get paid in any of the 100+ cryptocurrencies available on Coinbase, or in U.S. dollars, according to the announcement. Funds can then be used to make short- or long-term investments, generate interest on assets and cover expenses on the Coinbase Card.
According to Coinbase, the direct deposit option provides immediate access to cryptocurrency and does not charge a transaction fee.
Using the Coinbase app, customers can set up direct deposit by first locating their payroll company or employer and then updating the paycheck distribution amount. Direct deposits can be adjusted at any time within the app’s settings.
In addition to the direct deposit feature, Coinbase, which was founded in 2012 and has more than 68 million users and roughly 9,000 institutions, announced that it will join forces with various companies, including M31 Capital, Nansen and SuperRare Labs to enable employees to be paid in cryptocurrency.
Monday’s announcement comes on the heels of a decline in Coinbase stock value as of last week, amid news that China is effectively banning all crypto transactions, as PYMNTS reported.
Earlier this month, European FinTech Monneo, the virtual international bank account number and corporate account provider, announced a collaboration with Coinbase to enable payment of invoices in cryptocurrencies. Monneo enables online merchants and B2B companies to set up multiple IBANs (international bank account numbers) across the firm’s network of European and international banks. The partnership, backed by two of Monneo’s partner banks, will be available for B2B invoice settlement, as PYMNTS reported.
Related news: UK FinTech Monneo to Accept Crypto for Invoice Payments