American cryptocurrency exchange platform Coinbase is poised to offer employees in the US the opportunity to have their wages paid directly into their crypto account.
The feature is expected to be rolled out within weeks with customers able to deposit ‘as much or as little’ of their pay cheque as they choose.
This function was, until recently, only available to a minority, including celebrity athletes and the employees of digital currency companies.
Last week Prakash Hariramani, senior director of product at Coinbase announced the new ‘get paid in crypto’ service that will be available to just about everyone in the United States who is paid by direct debit to receive all of part of their wages in dollars, bitcoin, Ethereum or other similar currencies.
“You can set up a direct deposit in just a few steps without leaving the Coinbase app. Find your current payroll company or employer and we’ll automatically update your paycheque allocation,” Coinbase management said on their website.
“If you’d prefer to set up a direct deposit manually, we’ll provide instructions on what to share with your HR department or employer payroll website.”
Coinbase is calling the new feature the ‘future of payroll’.
“We’ve partnered with a number of companies, including Fortress Investment Group, M31 Capital, Nansen, and SuperRare Labs, to allow employees throughout the creator economy and financial services to enter the future of payroll,” said Ms Hariramani.
One of the first major crypto exchanges to go public back in 2012, Coinbase had 43 million verified users worldwide and 2.8 million people actively exchanging each month up to August this year.
The latest move is aimed at counteracting ‘time consuming and inconvenient’ frequent transfers. Coinbase says direct deposits will allow users a faster and more efficient way of earning crypto rewards.
Having already partnered with US-based firms such as Fortress Investment Group, Nansen, SuperRare Labs and M31 Capital to roll out direct deposits for ‘employees throughout the creator economy and financial services’, the exchange hopes more will come.