Coinbase announced on Monday that it will begin rolling out a feature which will allow customers to directly deposit their paychecks into Coinbase. Customers will be able to deposit “as much or as little” of their paychecks as they want.
According to the announcement, the feature will save users time by allowing them to immediately put their money into their account without needing to make frequent transfers.
Coinbase customers can opt to get paid in crypto, making it easier to earn interest if they are paid in an interest-yielding asset such as USD coin (USDC). It will also allow users to easily set up recurring buys with any of the over 100 cryptocurrencies available on the exchange.
Alternatively, customers can choose to get paid in U.S. dollars that they can then use for trades or spend with a Coinbase Visa debit card. Coinbase Visa debit card holders who set up direct deposit with Coinbase will immediately be able to earn rewards for money spent in dollars.
Beginning this week, cardholders will be able to earn 1% on DAI tokens, 4% on AMP or RLY tokens, plus the 1% on ether, dogecoin, and bitcoin tokens that they are already able to earn.
Users will be able to set up direct deposit in the Coinbase app. Coinbase will also provide guidance on how to set up direct deposit manually.
The announcement notes that it aims to help employees “throughout the creator economy and financial services to enter the future of payroll” and has partnered with several companies, including Fortress Investment Group, M31 Capital, Nansen, and SuperRare Labs.
Coinbase stock, which often mirrors the price movements and volatility of bitcoin, rose almost 0.2% Monday, after taking a hit during last week’s crypto sell-off.
Investing in Coinbase With BITQ
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BITQ tracks the Bitwise Crypto Innovators Index, which measures the performance of companies leading the crypto economy. The index is primarily made of pure-play crypto companies, with a small portion of the index focused on large-cap companies with at least one business line focused on the crypto economy.
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BITQ has an expense ratio of 0.85%.
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