Coinbase Will Soon be Accepting Payroll Checks!

Monday, September 27, 2021 Coinbase announced that they will soon be adding some payroll functionality to their list of services! The nine-year-old US based cryptocurrency exchange will be accepting direct deposits from their users for no fee. Users of Coinbase will be able to deposit “as much or as little” of their paycheck as they would like, in the form of cryptocurrency, fiat or both. This new feature will be rolling out within the next few weeks.

Coinbase added this new functionality to improve their user experience by allowing their customers faster and feeless access to digital assets. In their own words, this will eliminate the “extra steps it takes to move money.” Coinbase believes that adding a direct deposit feature will tackle one of the most common user issues with the platform. According to Coinbase, the largest number of customer complaints have to do with transfers between traditional banks and the exchange. Customers often claim that “making frequent transfers is time-consuming and inconvenient.”

Coinbase users in the US will soon have access to many of the features which were previously only available through traditional banking. The Exchange will also be releasing a “Coinbase Card” in the near future. The Visa debit card will allow users to spend crypto anywhere Visa is accepted, while earning up to 4% crypto back rewards. Both of these features combined with the fact that Coinbase is FDIC insured for US customers, means the exchange will be giving traditional banking in America a real run for its money (pun intended)!

How Will Coinbase Direct Deposit Work?

Coinbase aims to make the direct deposit feature as simple and user friendly as possible. Users will be able to deposit payroll checks right in the Coinbase app for mobile by following a few simple steps. Users will only have to set up the direct deposit feature once, and there will be a button to deposit checks added directly to the homepage. As previously mentioned, users will be able to deposit checks into fiat, or 100+ cryptocurrencies, or both.

Other Payroll Features

In addition to direct deposit functionality for users, Coinbase is also making it easier for businesses to pay their employees in crypto. The exchange has partnered with Fortress Investment Group, M31 Capital, Nansen, and SuperRare Labs in order to make payroll through cryptocurrency an accessible and viable option for employers.

Conclusion

Coinbase’s moves to bridge the gap between traditional banking and cryptocurrency is exactly the kind of adoption that will encourage more and more people to use cryptocurrency for everyday purchases. It’s hard to say if over 56 million users will want to deposit their checks directly into cryptocurrency right off the bat, but over time, the greater access to cryptocurrency will only be positive for price action. Adoption has a way of bringing the bulls to town! We believe the best way to capitalize on this growing market starts by visiting the Killer Whale Products Page to find out which ones are right for you!

Killer Whale Crypto

CHANGE THE WAY YOU TRADE