Coinbase Launches Defi Yield Earning Service to Over 70 Countries, United States Not Included
The cryptocurrency exchange Coinbase has revealed that it has made decentralized finance (defi) more accessible by giving Coinbase customers from over 70 countries access to earning yield on the stablecoin DAI. 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 the Defi Stablecoin Issued by Makerdao
Coinbase has announced that it has opened up decentralized finance (defi) services to customers in more than 70 different countries. The news follows the company’s announcement last week when it revealed it acquired BRD wallet and Unbound Security. According to Coinbase, eligible customers in these countries can now earn yield on the defi stablecoin issued by Makerdao called 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.” Coinbase Defi Users Must Reside in an Eligible Jurisdiction
Coinbase notes that customers that want to participate in earning yield with DAI must access the DAI asset page either on the Coinbase app or Coinbase.com. Users need a balance of DAI to earn and customers must be located in an eligible jurisdiction. Coinbase has been interested in getting into defi-based yield earning and lending programs for a while. It previously had plans to reveal a lending product but was threatened by the U.S. Securities and Exchange Commission.
The Nasdaq-listed cryptocurrency exchange has abandoned the lending program for now. Furthermore, the latest defi yield earning service offered by Coinbase is currently not available for customers in the United States. 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. Tags in this story coinbase customers, Crypto, DAI, Dai Stablecoin, decentralized finance, DeFi, Defi Apps, Defi protocols, defi yield earning, Earn Yield, global customers, makerdao, SEC, Stablecoin, stablecoin DAI, United States, US Excluded, Yield
What do you think about Coinbase offering defi services to customers in more than 70 countries? What do you think about the United States being excluded from the Coinbase yield program for now? Let us know what you think about this subject in the comments section below. Value Locked in Defi Slips 5% in 24 Hours, AMM and Rebase Tokens Take Double-Digit Losses DEFI | 5 days ago Over 80% of African Users on Mineplex Reportedly Interested in Buying Goods With Staked Crypto DEFI | 5 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleIndian Prime Minister Narendra Modi to Take Final Decision on Cryptocurrency Regulation Next articleMakersplace Plans to Drop World’s First 2pac NFT Collection Authorized by the Shakur Estate Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItBinance CEO Says He and Warren Buffett Use Similar Investment Strategy but Doubts Buffett Has Skills to Keep Crypto Safe
The CEO of cryptocurrency exchange Binance says that he and Berkshire Hathaway CEO Warren Buffett share a similar investment strategy. However, he said he would not convince the Oracle of Omaha to invest in cryptocurrency. "I get worried if he ... read more.Ethereum L2 Scene Heats Up With Boba Network Taking Second Spot in TVL Ethereum Devs Assess Reducing Data Transfer Cost 5x, EIP-4488 Becomes Possible Solution Tanzanian Central Bank Preparing for CBDC to Ensure Country Is Not Left Behind Nigerian Artist Davido Launches Fan Token That Gives "Power Back to the Fans"