Coinbase will allow customers to receive pay check in crypto

Coinbase announced yesterday on its blog that a coming feature on the platform will enable customers to deposit all or part of their pay check into their Coinbase account and receive it in crypto. 

In an endeavour to widen the adoption of cryptocurrencies, Coinbase has a new feature in the pipeline that lets customers deposit their pay checks as crypto in their Coinbase accounts. 

Customers will be able to choose what percentage of their pay check they would like to deposit, and then can have that amount deposited to their Coinbase wallet in USD or in one of the cryptocurrencies available on the Coinbase platform. 

Initially, this utility will only be available for customers from the US. There is no word yet on when and if Coinbase will extend this offering to other jurisdictions. 

Another way Coinbase is inducing customers to stay within their crypto ecosystem is by offering a Coinbase Card. This is also a new feature, and will start this week. The Coinbase Card is in effect a Visa debit card that will give users up to 4% back in crypto rewards. 

There is already a feature that pays 1% back on purchases in the form of ETH, DOGE, or BTC, and 4% back if the customer chooses GRT or XLM. The new offering will enable customers to also earn 1% in DAI, or 4% in AMP or RLY. 

The Coinbase drive to get their customers earning crypto without having to directly transact in it is to be applauded, as this will bring many more users into the fold. 

According to the Coinbase Blog, the Coinbase Earn educational element of the platform, launched in 2018, has seen more than 6.5 million unique users earn crypto for completing tasks such as learning about various cryptos on the platform via watching videos and answering questions on them. 

The Coinbase web platform and app do have excellent interfaces, and the security backing them is also of the highest order. If Coinbase can do something about the huge fees they are charging customers then the future for this centralised exchange could still be rosy. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

Publication date: 
09/28/2021 - 10:40

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