Top crypto exchange, Coinbase, has announced that its customers from more than 70 nations can now access DeFi yields through the DAI stablecoin. However, what’s strange is that its customers in the US have been excluded. Per the announcement, Coinbase believes that DeFi can enable economic freedom for those invested in it. The statement further states that any customer can complete the signup steps as these steps are pretty simple. Also, no fees are involved.
Put Your Crypto To Work And Earn Yield – Coinbase
The crypto exchange disclosed that its customers from more than 70 nations could access its new DeFi service to earn yield by making their digital assets work for them. The announcement further revealed that the earnings would be issued in the DAI stablecoin. The news shows the renewed zeal of the firm in maintaining its position as a leading crypto exchange.
Last week, Coinbase announced its acquisition of BRD wallet and unbound security. Part of the announcement stated that “our new DeFi service will enable our customers worldwide to start earning with their digital assets.” “Each of our customers can benefit from DeFi yields without incurring any additional costs and undergoing any complicated process.”
Coinbase outlined a few terms to clarify the participation and earnings in the DeFi yield. Any user residing in an eligible location can participate in this DeFi yield program and obtain access through the exchange’s app or web-trading platform. The exchange further remarked that intending participants must have converted the balance they intend to use into the DAI stablecoin.
Coinbase has been trying to launch a DeFi yield program for some time, but the US SEC’s threat had made them pause their decision to launch the program. That might explain why they excluded their US customers from participating in this service. Many financial regulators are still struggling to accept that the crypto sector is here with us for the foreseeable future. Coinbase further remarked in the official announcement that it plans to launch other assets and DeFi programs that will help its users maximize the benefits of owning crypto assets.
Coinbase’s Giant Stride Continues
Coinbase has been making giant strides, especially this week. On Thursday, the crypto exchange announced a collaboration with a famous hardware wallet maker (Ledger). A Coinbase official announcement stated that the partnership enables the exchange’s users to have more control options over the use of their virtual assets.
Once the final details are completed by March 2022, Coinbase customers can start moving their digital assets to cold storage for enhanced security using Ledger’s hardware wallet. Coinbase’s primary goal is improved safety for its customers’ cryptocurrencies, especially in the face of constant cyber-attacks on crypto blockchains, DeFi networks, and exchanges, as seen recently.
Even after the partnership agreement becomes effective, Coinbase has assured its customers that it will keep providing them with more training. Thus, they know how best to keep their funds safe and maximize the benefits that would soon be available through the much-talked-about Web3.0.