Coinbase Allows Paycheck Direct Deposit

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In Brief
  • Coinbase will allow U.S. clients paycheck direct deposit straight to their Coinbase account.

  • It can be USD or immediately transferred to crypto without fees.

  • This move comes after the company faced scrutiny from the SEC over new offerings.

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The crypto industry giant Coinbase, now offers U.S. clients the ability for paycheck direct deposit in their Coinbase accounts. 

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Coinbase announced a new service offering to its U.S. based clients. The crypto-services giant says now U.S. customers can direct deposit their paychecks into their Coinbase accounts. This feature applies to any percentage of paycheck clients wish for deposit. 

In addition, users can keep their funds in U.S. dollars or make an immediate transfer to cryptocurrencies without fees. 

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Max Branzburg, the vice president of product at Coinbase said this is one of many crypto-services from the company. “With direct deposit, customers can more easily access our crypto-first financial services and be ready for any trade or purchase,” he said. We’re determined to deliver the most trusted full suite of crypto-first financial services to our 68 million users.”

However, this comes after Coinbase clients complained about “time-consuming and inconvenient” bank account transfers. It said it plans for a partnership with. Though it did not specify which one and currently uses MetaBank for the Coinbase rewards card.

The new product plans its launch in the coming weeks. 

Coinbase Commotion 

This new Coinbase feature comes after a series of commotion around Coinbase and some of its intentions in the space. 

The company planned a new crypto lending product under the name Coinbase Lend. Despite Coinbase’s efforts of transparency with regulators, they still received a warning of a lawsuit from the SEC. In addition to the warning, the regulator probed the company and asked for all the names on the product waitlist. 

Nonetheless the company had a lot of support from the crypto community. Mark Cuban urged an aggressive stance towards the regulator. However, Coinbase ultimately folded on the product. After its final decision, the president of Coinbase, Emilie Choi relayed a message to regulators for an “even playing field” for crypto regulations in the financial world. 

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Savannah Fortis is a multimedia journalist covering stories at the intersection culture, international relations, and technology. Through her travels she was introduced to the crypto-community back in 2017 and has been interacting with the space since.

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