Brian Armstrong, CEO of Coinbase Global, announced the launch of a new 'Direct Deposit' feature that allows users to automatically split their paychecks between cash and cryptocurrency. This feature, confirmed on social media, enables users to set a predetermined allocation percentage for their funds every payday. Users can also utilize Coinbase's cryptocurrency card to spend their funds and earn 4% back on purchases. Coinbase clarified that direct deposit funds become available in 3–5 business days, depending on the employer or payroll provider, and while there are no trading fees, auto-allocations to cryptocurrency will be treated as purchases, where a spread may apply. This initiative is part of Coinbase's broader strategy to transform the platform from a cryptocurrency exchange into a comprehensive financial and Web3 hub. The announcement follows disappointing financial results for the first quarter, where Coinbase reported $1.41 billion in revenue, below analyst expectations, and an adjusted net loss of 17 cents per share. Following the announcement, Coinbase shares experienced a slight decline in trading.