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

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



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12 Comments

  1. The SEC will never allow coinbase to function as a Central Bank however they can apply to charter as a commercial bank.

    If CB wants to function like a commercial bank they should become a commercial bank much like Square became a bank. There’s no way the SEC is going to allow CB to function as a commercial bank and lend money as that would actually make them a Central bank. What would happen in the case of a run on bank ie. Coinbase, if there’s a crypto collapse. They would have lent out more money than they have deposits triggering a collapse requiring a government bailout. That’s why they need to be a commercial bank with FDIC insurance. Maybe that’s where they are heading with these deposits?
    If so, I believe the SEC will step in again. Remember Square almost became a bank a couple years ago but went back to the drawing board and it wasn’t until recently that they got their charter. If that’s the case CB has a way to go as it’s a technology issue. I believe that’s why Square had to delay. These are just my own personal thoughts.

  2. Ive been waiting for this for years. Ive been converting all my paychecks into bitcoin as soon as i get paid.

    i will continue to keep doing this for years, and it would be much easier if through coinbase and not banks, fuck banks

  3. tldr; Coinbase is launching a direct deposit service that will allow users to deposit their paycheck directly into their online account. Users can hold their money in dollars or immediately transfer it into cryptocurrencies like bitcoin with no fees. The launch comes after customers complained that frequent transfers from their bank accounts to Coinbase are “time-consuming and inconvenient,” the company said.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  4. Foolish, incredibly foolish if anyone were to do that given how pernicious this company has been regarding purchases let alone cancellation or simple inaccessibility during volatility.

    BUt with that said, I don’t think anyone is surprised, Coinbase was built by bankers (Goldman Sachs) what exactly do you think their end game was going to be? They already milked the hell out of their IPO with an obscenely overvalued price, so now taking deposits on people’s paychecks is just them trying to build within the moat they created.

    Ultimately, it won’t work and their userbase needs will migrate elsewhere, Twitter is easier to integrate than all the KYC/AML BS that Coinbase requires. It’s just a matter of time but they are dead, they just may linger longer than anyone expects, kind of like AOL which is what I think they are a lot like.

What do you think?

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