Coinbase adds direct deposit to crypto accounts

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Cryptocurrency exchange Coin Bank It is going deep into traditional financial services, allowing users to deposit their salaries directly into their online accounts.

Coin Bank Said Monday US users will be able to use the direct deposit service to pay any percentage of their salary. They can hold their own money in U.S. dollars or convert it to cryptocurrencies such as Bitcoin immediately without any fees.

Max Branzburg, Vice President of Products at Coinbase, said in a blog post: “Through direct deposit, customers can more easily access our crypto-priority financial services and prepare for any transaction or purchase.” “We are determined to provide our 68 million users with The most trusted full set of encryption-first financial services.”

The company said that after customers complained that frequent transfers from their bank accounts to Coinbase were “time-consuming and inconvenient”, the product will be launched in the next few weeks. Coinbase added that its goal is “instant access to the crypto economy.”

Coinbase said it would use FDIC-insured bank partners to make direct deposits, but did not specify which one. The company partnered with Meta Bank to develop its Coinbase reward card.

Other popular online financial applications already allow direct deposits.Online banking companies such as Chime and Sophie Provide services as part of a broad product portfolio, while Paypal And stock trading applications Robin Hood Also let users Deposit their salary.

Coinbase is launching new products while struggling to cope with the complex regulatory environment.Last week, the company Cancel After the US Securities and Exchange Commission threatened to sue, the company plans to develop a high-interest loan product.

Coinbase CEO Brian Armstrong (Brian Armstrong) called it “a very rough behavior recently issued by the US Securities and Exchange Commission.” Armstrong also claimed that the agency refused to meet with the company and “give zero explanation for the reason.”

SEC Chairman Gary Gensler Strengthened his criticism The cryptocurrency industry. In testifying to the Senate Banking Committee, Gensler called for stronger supervision of cryptocurrencies. He also asked Congress to provide additional resources to ensure investor protection, and believes that most digital assets traded need to be registered with the agency.

Coinbase passed in April Direct listingSince its listing, the stock has fallen 40%, trading at $229.40 on Monday. Its movements usually reflect the volatility of Bitcoin, which has fallen by 28% during the same period.

watch: Bitcoin fell after China said crypto-related activities were illegal

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