Coinbase is a crypto exchange that has disclosed it made decentralized financing (defi), more accessible. It gave Coinbase customers, from 70 different countries, access to the stablecoin Dai and earned yield. Coinbase claims the process is simple with “no fees, lockups, or set-up hassle,” as the firm believes “defi has tremendous potential to help increase economic freedom.”
Coinbase now offers Yield on Makerdao’s Defi Stablecoin
Coinbase today announced it had opened decentralized financial (defi), services for customers from more than 70 countries. The news follows the company’s announcement last week when it revealed it acquired BRD wallet and Unbound Security. Coinbase says that eligible customers from these countries will now be able to earn yield using the Makerdao defi stablecoin, DAI.
“Today we’re introducing a new way for Coinbase’s global customers to put their crypto to work and earn yield,” the firm’s announcement explains. “We are making defi more accessible, enabling eligible customers in more than 70 countries to access the attractive yields of defi from their Dai with no fees, lockups, or set-up hassle.”
All Coinbase Defi users must reside in an eligible jurisdiction
Coinbase advises that DAI assets must be accessed by customers who want to earn yield using DAI. To earn, users must have a DAI balance and be in an eligible country. Coinbase is interested in defi-based lending and yield earning for some time. The U.S. Securities and Exchange Commission threatened to stop it from revealing a loan product.
For now, the cryptocurrency exchange listed on Nasdaq has stopped offering a lending program. Coinbase has stopped offering the most recent defi yield-earning service. The service that offers yield on DAI is just the beginning, Coinbase notes, as the company aims to use “a wider variety of assets and a greater number of defi protocols” going forward.
Do you agree with Coinbase’s offer of defi services for customers from more than 70 nations? Are you adamant that the United States is not included in Coinbase’s yield program? Comment below and let us know how you feel about the subject.
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