Coinbase dives deeper into banking by letting users deposit paychecks into their accounts – CNBC

Coinbase dives deeper into banking by letting users deposit paychecks into their accounts – CNBC

Cryptocurrency exchange Coinbase is going deeper into traditional financial services, allowing users to deposit paychecks directly into their online accounts.

Coinbase said Monday that its U.S. customers will be able to use the direct deposit service for any percentage of their paycheck. They can hold their money in dollars or immediately transfer it into cryptocurrencies like bitcoin with no fees.

“With direct deposit, customers can more easily access our crypto-first financial services and be ready for any trade or purchase,” Max Branzburg, vice president of product at Coinbase, said in a blog post. “We’re determined to deliver the most trusted full suite of crypto-first financial services to our 68 million users.”

The launch, which goes live in the coming weeks, comes after customers complained that frequent transfers from their bank accounts to Coinbase are “time-consuming and inconvenient,” the company said. Coinbase added that it aims to give “instant access to the cryptoeconomy.”

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Coinbase said it will use an FDIC-insured bank partner for direct deposit but did not specify which one. The company works with MetaBank for its Coinbase rewards card.

Other popular online finance apps already allow for direct deposit. Online banking companies like Chime and SoFi provide the service as part of a broad portfolio of products, while PayPal and stock trading app Robinhood also let users deposit their paychecks.

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