Coinbase is rolling out paycheck direct deposits and auto-conversions into Bitcoin. The $223 billion Bitcoin and crypto exchange posted on their blog today that they will roll out the feature over the next few weeks.
Paychecks deposited directly into Coinbase can be converted directly into Bitcoin, cryptos, or US dollars. It can also be used to trade, earn crypto rewards, or load a Coinbase card.
The new feature will allow users to allocate “as much or as little” of their paycheck as they want.
Notably, the new feature boasts zero-fee deposits, making the process a bit more efficient and cheaper for users who frequently send funds to Coinbase.
Coinbase has put no restrictions on which cryptocurrencies outside of Bitcoin one can have their paycheck auto-converted to.
The new payroll feature must be set up only once, users can manually enter and sync Coinbase with their employer, or manage their payroll allocation directly on the app. The feature is enabled through a partnership between Coinbase and “a number of companies, including Fortress Investment Group, M31 Capital, Nansen, and SuperRare Labs.”
The news comes just one month after Coinbase announced it has updated its investment policy to include a 10% quarterly income allocation in Bitcoin and a handful of speculative cryptocurrencies and also committed to investing $500 million of its $4 billion in reserves into Bitcoin and crypto.
Last August, Coinbase also announced that it is launching in Japan through a new partnership with one of the largest banks in the country, Mitsubishi UFJ Financial Group. The partnership will allow 40 million MUFG account holders to quickly access and begin buying Bitcoin on Coinbase.