September 29, 2021: -Cryptocurrency exchange Coinbase went deeper into traditional financial services, permitting users to deposit paychecks directly into their online accounts.
On Monday, Coinbase said that its U.S. customers would be able to use the direct deposit service for any percentage of their paycheck. They can hold their money in dollars or transfer it into cryptocurrencies like bitcoin with no fees.
“With direct deposit, customers can access our crypto-first financial services and be ready for any trade or purchase,” Max Branzburg, the vice president of product at Coinbase, said. “We’re determined to deliver the most trusted full suite of crypto-first financial services to the 68 million users,” the vice president added.
The launch goes live in the future weeks, comes after customers complained that frequent transfers from their bank accounts to Coinbase are “time-consuming and inconvenient,” the company says. Coinbase added that it is aiming to give “instant access to the crypto-economy.”
Coinbase said it would use an FDIC-insured bank partner for a direct deposit but did not specify. The company works with MetaBank for its Coinbase rewards card.
Different popular online finance apps already allow for direct deposit, and Online banking companies such as Chime and SoFi are providing the service as part of a broad portfolio of products. At the same time, PayPal and stock trading app Robinhood also lets users deposit their paychecks.
Coinbase is rolling out new offerings while trying to navigate a complex regulatory environment. Last week, the company canceled plans for a high-interest lending product after the SEC threatened to end it.
Coinbase CEO Brian Armstrong called it “really sketchy behavior coming out of the SEC recently.” Armstrong says that the agency refused to meet with the company and gave “zero explanation for why.”
SEC Chairman Gary Gensler has sharpened his criticism of the cryptocurrency industry. In testimony before the Senate Banking Committee, Gensler called for more crypto oversight. He asked for additional resources from Congress to ensure investor protection and contended that the digital assets traded need to register with the agency.
On Monday, Coinbase goes public in April through a direct listing. The stock has come down 40% since its debut, which trades at $229.40. Its moves often mirror the volatility of bitcoin, which is down 28% over the same stretch.
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