Cryptocurrency exchange Coinbase is expanding the range of services for American citizens who will be able to transfer salaries to the exchange accounts and convert them into digital currencies.
Cryptocurrency exchange Coinbase announced the launch of a new “Get Paid in Crypto” functionality for Americans. Over the next couple of weeks, the company will launch a direct deposit account service, which will automatically accept payments from the employer.
After the receipt of funds for the deposit, the clients of the exchange are provided with several options for their further use. According to the conditions for maintaining an account, funds can be fully or partially converted into selected cryptoassets. The Coinbase Card is tied to the deposit account, thus it is possible to pay for goods and services in fiat currency. Also, the client can instruct Coinbase to transfer part of the funds to the investment instruments of the exchange.
Basically, Coinbase has brought together the payment of wages, transferring funds from personal accounts of citizens to an exchange account, and buying cryptoassets into a single process. Thanks to the full automation and speed of transactions, customers get the impression that they are being paid directly in cryptocurrency.
Despite the problems that periodically arise between Coinbase and regulators, the company positions itself as a major player in the North American market, and its direct listing has become a key moment in the history of the crypto industry.