Coinbase is trying to establish itself as a mainstream gateway to the world of crypto, one that regularly sends paychecks, reimburses expenses, and refunds taxes.
On Thursday, the company start direct deposit program with software company TurboTax to deposit state and federal tax refunds into a Coinbase account, with the option to automatically convert dollars to crypto, DealBook newsletter report.
“We’ve seen a surge in alternative investments, in a new class of investors not just high earners,” said Randy Hellman of TurboTax’s investor segment.
Coinbase sees itself as a “ramps” to the crypto economy. The company’s head of product, Prakash Hariramani, said it wants to make things easy for everyone by offering all types of direct deposit.
Coinbase just completed the rollout of its payroll program in the United States, with New York Mayor Eric Adams naming the company in a statement about his first mayor income conversion from dollars to cryptocurrencies. Coinbase also allows people to transfer corporate expense reimbursements to their crypto accounts.
But holding a digital currency, such as Dogecoin, is not the same as owning a dollar. Given the high volatility of cryptocurrencies, even enthusiastic early adopters of these types of services are proceeding with caution.
Sally Shin, head of strategy at music distributor United Masters, said: “The education part is really important, working in the early stages of the show. cooperation with Coinbase to design a crypto-payment program for employees and artists.
https://www.nytimes.com/2022/02/03/business/turbotax-tax-refunds-coinbase.html TurboTax and Coinbase Allow Users to Transfer Tax Refunds to Cryptocurrency