Top American cryptocurrency exchange, Coinbase is working on launching a feature on its platform that will enable its users to deposit their paychecks directly into their Coinbase accounts.
The disclosure was made by the company earlier today. This decision is one of Coinbase’s moves to dive deeper into integration of traditional financial services on its cryptocurrency exchange.
Coinbase made the announcement a few hours ago, noting that its users in the United States will soon be able to deposit any amount of their paycheck directly into their Coinbase accounts. They’ll be able to hold in either cryptocurrency or USD.
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Max Branzburg, vice president of product at Coinbase noted in the blog post that the company is committed to providing crypto services to their users;
“We’re determined to deliver the most trusted full suite of crypto-first financial services to our 68 million users.”
“With direct deposit, customers can more easily access our crypto-first financial services and be ready for any trade or purchase”
The feature is said to be launched on Coinbase in a matter of weeks. The product was developed out of complaints made by the customers about the issues they encountered while making transfers from the bank accounts to Coinbase. The direct deposit feature would be facilitated by an
The direct deposit feature would be facilitated by an FDIC-insured bank but Coinbase didn’t specify the bank which it will partner with.
Building Crypto Products for Everyone
Closing on, the Company noted in the blog that their goal was to continue to serve customers in the best way by making crypto services available to everyone;
“Our goal is to deliver the best financial services that consumers are used to, but in an even better way with crypto and blockchain technology. Financial services built on crypto have the potential to enable more fair and equal access to wealth for anyone, anywhere, without prejudice. It’s still early days, but by building the foundation of the primary financial account, we’re one step closer to enabling more economic freedom for the world.”
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