US-based cryptocurrency exchange Coinbase is partnering with tax-preparing software TurboTax to let users convert their tax refund into cryptocurrencies. On Thursday, the crypto platform started a direct deposit program with TurboTax to send state and federal tax refunds directly to their Coinbase accounts. “This year, customers can deposit refunds into Coinbase fee-free to start immediately putting their money to work. Coinbase is committed to giving everyone instant and easy access to the cryptoeconomy,” the announcement release stated. Users will have more than 100 cryptocurrencies to choose from such as stablecoins and yield-bearing assets including the option to receive in US dollars, which will be directly deposited in their accounts for future trading. TurboTax is one of the most popular software among American taxpayers. Its latest partnership with Coinbase indicates the firm’s interest in hopping on the crypto bandwagon. “We’ve seen a rise in alternative investments, in a new class of investors beyond just high-income earners,” said Randy Hellman of TurboTax’s investor segment. According to the U.S. Internal Revenue Service, tax season in America started on January 24 and will end on April 18 for most taxpayers. Coinbase’s Direct Deposit Business The new tax refund option from Coinbase arrives months after the cryptocurrency platform began allowing users to deposit their paycheck into their Coinbase accounts. Just las...
