Turbo Tax will Allow Users to Deposit Tax Refunds into Crypto Accounts
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Turbo Tax, a software company has tied up with Coinbase to allow users the option to convert their state and federal tax refunds into cryptocurrency.

With this Coinbase may get to establish itself as a mainstream gateway to the cryptocurrency world. Where users can regularly deposit paychecks, expense reimbursements and tax refunds.

According to Coinbase, it has started a direct deposit program in collaboration with TurboTax to send state and federal tax refunds to Coinbase accounts. The users will be able to automatically convert dollars into cryptocurrency using this option. 

Randy Hellman of TurboTax’s investor segment said, “We’ve seen a rise in alternative investments, in a new class of investors beyond just high-income earners.”

Prakash Hariramani, the company’s head of product said, the company sees itself as an “on-ramp” to the crypto economy that wants to make it easy for people by offering direct deposits of all kinds.

This paycheck program has been rolled out in the United States. Eric Adams, Mayor of New York in a statement named the company for converting his first mayoral income from dollars to crypto. People will also be able to reimburse direct corporate expenses to their crypto accounts.

Users having digital currency like Dogecoin, since it’s not like having a dollar considering the high volatility, early adopters of such a service need to proceed with caution. 

Sally Shin who leads strategy at the music distributor United Masters said, “The education piece is really critical

According to Sally Shin who leads strategy at the music distributor, United Masters said, “The education piece is really critical.” The company is working through the initial phases of a collaboration with Coinbase to design a crypto payment program for employees and artists.

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