Coinbase, the leading cryptocurrency exchange in the United States, announced a few hours ago that american citizens will be able to automatically receive their paycheck in crypto.
The new “Get Paid in Crypto” service will allow cryptocurrency enthusiasts to directly receive their paycheck in Bitcoin, Ethereum, or any of the 100+ cryptocurrencies available on Coinbase with little to no effort.
Users also have the option to receive payments in U.S. Dollars directly to their Coinbase account, which they can spend with their Coinbase debit card just like a regular bank account. The exchange also offers the option to receive payments in USDC or DAI and earn interest over time.
Now, you’ll save time on the extra steps it takes to move money so you can immediately earn interest on your income or earn crypto rewards with your Coinbase Card. Plus, you’ll pay zero transaction fees on direct deposit funds⁴ so you have instant and free access to the cryptoeconomy.
According to an official blog post, Coinbase seeks to reduce friction when acquiring or using cryptocurrencies, allowing people to start using or exchanging tokens more easily and instantaneously. Coinbase believes this will represent the future of payroll.
Basically, Coinbase would take care of the entire process, which starts when the client receives the money and extends until the deposit in the exchange and the purchase of tokens. By automating everything and because of the process’s speed, customers get the impression of being paid directly in cryptocurrencies.
Everything is done on a zero-fee basis, although Coinbase will benefit from the spread on transactions.
The registration process is easy and intuitive and is done only once. In general terms, the client must provide information about their current payroll company or employer. Coinbase will take care of the necessary paperwork to receive his money directly in Coinbase.
Despite the setbacks, Coinbase has positioned itself as a major player in the North American market. Its direct listing marked a key moment in the history of the crypto industry.
Nowadays, Coinbase stocks are popular among investors willing to gain indirect exposure to Bitcoin.
Coinbase’s recent developments have had mixed results. For example, the company recently had to abandon plans to develop a high-yield crypto lending service after the SEC gave indications that such activity could be categorized as issuing and trading unregistered securities.
However, Coinbase seems to be hitting the nail on the head with its customers from law enforcement agencies. A few days ago, it revealed that it had managed to secure its largest-ever public contract with the U.S. government, providing the U.S. Homeland Security with a blockchain analytics software for undisclosed motives.
