Coinbase is reportedly going to introduce a new feature for US-based establishments, allowing for depositing employees’ paychecks into accounts on the crypto exchange, in a direct manner. 

Specifically, Coinbase senior director of product Prakash Hariramani reportedly revealed the exchange’s plan to roll out the direct deposits feature, dedicated to workers who wish to buy crypto using crypto, free-of-charge for transaction costs. 

Users will reportedly have the freedom to establish direct deposits via a supported payroll firm on the Coinbase app, or via a company’s human resources department.

Hariramani further remarked that there will be an option available in the soon-to-be-released function for users, to deposit “as much or as little” of their paychecks according to their desire. 

Coinbase reportedly also mentioned “time-consuming and inconvenient” frequent transfers as among the reasons fueling the creation of the feature, claiming direct deposits would make it possible for users to earn crypto rewards more efficiently and quickly. 

Coinbase has reportedly formed an alliance with US-headquartered establishments, including Fortress Investment Group, M31 Capital, Nansen, and SuperRare Labs, in an attempt to jointly introduce direct deposits for “employees throughout the creator economy and financial services”, with additional updates to be released in the coming months. 

The exchange further revealed that holders of its branded Visa debit card would have a chance to earn a maximum of 4% back in crypto rewards.

The development reportedly surfaced a week following the exchange dropping its Lend crypto lending program.