Several new features have been unveiled by cryptocurrency firm Coinbase. In addition to its currency exchange business, Coinbase aims to provide additional financial services to its customers so that they may utilize the platform for a variety of different purposes.
To begin, direct deposit to Coinbase apps will be available in the United States shortly. So, users will be able to put money into Coinbase from their paycheck.
Money Direct to Coinbase
Users of the Coinbase app will be able to locate their existing payroll service provider or employer and make changes to their paycheck distribution from that place. Users who want to go all out would most likely transfer their whole salary into their Coinbase account at once.
Coinbase, which has tens of millions of U.S. clients, will make a major step for the crypto sector. An increase in users joining may have a significant impact on Bitcoin’s and other digital assets’ demand.
After an initial effort by 401k providers to allow workers to put crypto in their retirement plans, Coinbase is now providing direct deposit, illustrating how crypto is becoming more widely accepted in the American workforce as a whole.
Integration with the Coinbase Card
In addition to Coinbase’s debit card service, which will be live in the coming weeks, the direct deposit function is part of a broader effort to push into traditional banking.
Originally launched in 2017, the Coinbase Card links to the Visa network and allows users to buy as they normally would, except that the transaction is financed with bitcoin rather than a traditional form of payment.
Such crypto debit cards have questionable utility, given that crypto transactions result in tax problems and, in the case of the Coinbase Card, a transaction charge of 2.75%.
Millions of Americans depend on Coinbase as a crypto app. The move by Coinbase denotes a push for increased adoption through direct deposit.
Not every new Coinbase product has been able to launch, however. Coinbase’s Lend product was labeled a security by the SEC and forced to shut down after a dramatic series of tweets written by Coinbase CEO Brian Armstrong.