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Coinbase has launched a direct paycheck deposit feature for US users

Coinbase, a cryptocurrency exchange, has announced several new features. Coinbase wants to expand its consumer services so that you can use the platform for different use cases with more financial services.

Coinbase has launched a direct paycheck deposit feature for US users

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While the company is best known for its exchange, which allows you to convert USD into various cryptocurrencies, the company wants to expand its consumer services so that you can use the platform for different use cases with more financial services.

Coinbase has launched a direct paycheck deposit feature

Direct deposit will be available in the United States soon. Customers will be able to deposit a percentage of their pay into Coinbase in this way. Users of the Coinbase app can locate their existing payroll firm or employer and make changes to their paycheck allocation from there. The most dedicated users will almost certainly choose to put their whole income into their Coinbase account.

When the funds arrive in your Coinbase account, you have the option of directing what the company should do with them. You have the option of keeping everything in USD or converting everything to a cryptocurrency. Users can choose from a variety of crypto assets on the platform. This function alone is beneficial if you want to set up automatic purchases without having to worry about it.

Direct deposit, on the other hand, makes more sense when you consider that Coinbase has its debit card, which is powered by Marqeta. It’s a Visa debit card with Apple Pay and Google Pay compatibility. It’s all about depositing and withdrawing funds from your Coinbase account.

You can choose the source wallet for your card transactions from the Coinbase app. Coinbase converts your crypto assets to USD with a 2.49 percent transaction charge every time you make a purchase.

Transactions made with a credit card are also eligible for rewards. Currently, you can get 1 percent back in DAI, ETH, DOGE, or BTC, and 4 percent back in GRT, XLM, AMP, or RLY. So you spend a lot of money on transaction fees and gain a small amount of money in incentives. Users can now choose to pay in US dollars directly. There are no costs associated with card transactions in this situation. The Coinbase Card has been in beta for a while, and it will be available to the general public next month.

Coinbase is already a popular financial app in the United States, with millions of users. It makes sense for the corporation to introduce new services to promote utilization now that it controls the relationship. As a result, Coinbase’s mobile app will be updated with four new tabs: “Assets,” “Trade,” “Pay,” and “For You.” And it’s possible that some customers will use the Coinbase app more and their bank app less.

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Also, read: Deutsche Bank: “Bitcoin is gold for the 21st century”

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