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 a return on the Defi Stablecoin issued by Makerdao
Coinbase announced that it has opened up decentralized finance (challenge) services to customers in more than 70 different countries. The news follows the company’s announcement last week when it revealed that it had acquired the BRD wallet and Unbound Security. According to Coinbase, eligible customers from these countries can now earn a return on the stablecoin challenge 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 who want to participate in yield gains with DAI should go to the DAI assets page on the Coinbase app or on Coinbase.com. Users need a DAI balance to earn and customers must be located in an eligible jurisdiction. Coinbase has been keen to embark on challenge-based yield and loan programs for some time. He had previously planned to reveal a loan product, but was threatened by the United States 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.
