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Coinbase Allows Paycheck to Be Auto-converted Into Bitcoin

Although some may not be directly paid in Bitcoin, Coinbase is rolling out a new feature that can auto-convert the earnings of US customers into Bitcoin.

The major crypto exchange has recently announced that this new functionality will be launched over the next few weeks. Once the paycheck has been deposited into their Coinbase account, they can easily make crypto trades, spend on Coinbase Card, earn Coinbase rewards, and more.

Get paid in crypto or in US dollars and deposit as much or as little of your paycheck as you want. The future of payroll is coming.

The blog post stated that customers often make transfers into Coinbase to make/long-term investments, to earn interest on yield-generating assets, and to top-up their Coinbase Card for daily purchases. Many customers commented that making frequent transfers is too cumbersome and takes up time.

By adding this new feature, Coinbase hopes to address the issue by significantly reducing the extra steps it takes to transfer funds. Additionally, customers are not required to pay any transaction fees on direct deposit funds — giving them an instant and free access to the cryptocurrency.

This announcement comes a month after Coinbase publicly stated that it has updated its investment policy, which would include a 10% quarterly income allocation in Bitcoin and some speculative cryptocurrencies. Moreover, the exchange announced that it is committed to invest $500 million into Bitcoin and other cryptocurrencies.

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