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The TurboTax website on a smartphone
Tiffany Hagler-Geard/Bloomberg
Coinbase
has introduced a new feature allowing users to convert their tax refund into crypto via TurboTax, the tax-filing software owned by
Intuit
.
In a blog post on Thursday, Coinbase (ticker: COIN) said that users who filed their tax returns using TurboTax could send parts, or all of their tax refund to a Coinbase account.
Customers can then choose to turn their refund into more than 100 cryptocurrencies, like Bitcoin, or ethereum, with no trading fees.
“This year, customers can deposit refunds into Coinbase fee-free to start immediately putting their money to work,” the exchange said in a blog post. “Coinbase is committed to giving everyone instant and easy access to the crypto economy.”
New York City mayor Eric Adams last month converted his first paycheck into bitcoin and etherium.
Bitcoin and other cryptocurrencies have fallen this year amid a broad selloff in risk assets, such as high-growth tech stocks. Price pressure has been compounded by concerns of a regulatory crackdown in Russia.
Bitcoin is down almost 18% so far this year, according to CoinDesk data.
Write to Lina Saigol at lina.saigol@dowjones.com