US-based crypto exchange Coinbase will now enable employees to directly deposit their paychecks into private accounts on the platform.
Announcing the news in a blog post on Monday, the company's senior director of product, Prakash Hariramani, explained that users can now set direct deposits via the Coinbase app and avoid transaction fees.
Alternatively, consumers may turn to their companies' human resources departments to arrange the transfers.
Hariramani explained that users will still be in control of how much they choose to deposit out of your paycheck into the crypto exchange's account.
According to him, this direct feature will save some of the red tape that users run into when looking to purchase crypto by allocating a fixed amount directly in crypto investment.
Coinbase is also piloting a Visa debit card which would allow people to earn 4% back in crypto rewards.
However, the company is still at a dead end when it comes to its proposed crypto lending product that would have involved USD Coin (USDC).
That is still under scrutiny by the US Securities and Exchange Commission. The regulator has prohibited the roll-out for the time being.