Coinbase is continuing to innovate in the cryptocurrency space. Earlier this year they worked on launching a non-fungible token (NFT) marketplace that can allow Coinbase users to buy and trade NFTs. Now they are launching a decentralized finance (DeFi) yield product for global users. The platform will be launched in 70 countries excluding the US at this time of writing.
They are capitalizing on the wave of decentralized finance. It is deemed by experts to be an area that will upend the current financial industry. The space is still quite new and unpredictable but there is a handful of interesting projects floating around the crypto-sphere.
In their post announcing the new product, one of their main selling points is accessibility and usability. They want to make it easy for newcomers to get involved in the Defi space.
“Accessing DeFi protocols can require expensive network fees and involve a somewhat complex user experience. Coinbase is making DeFi more customer-friendly and accessible. Eligible users will now be able to access the attractive yields of DeFi from the comfort of their Coinbase account with just a few taps and without the network fees.”
They also made it clear that you will earn DeFi yield on a stablecoin called Dai.
“When you opt in to earn DeFi yield, your Dai is deposited into Compound Finance, an industry-leading DeFi protocol. The offered APY varies based on the rates from Compound and will automatically update to reflect changes in the market. Compound’s rates are variable — as an example, during the month of October, the APY for supplying DAI fluctuated between 2.83% and 5.39%”
This is a great product for newcomers if they want to explore their options as to what they can achieve in the crypto space.
