Coinbase is adding decentralized finance (DeFi) investing for users in dozens of countries around the world.
In a new blog post, the US-based exchange announces that customers can earn variable-yield interest by holding the Dai (DAI) stablecoin. Coinbase says the DeFi yield feature aims to make access simple and affordable.
“Accessing DeFi protocols can require expensive network fees and involve a somewhat complex user experience.
Coinbase is making DeFi more customer-friendly… with just a few taps and without the network fees.”
Coinbase is making the new feature available to many countries globally – with one notable exception.
“Earning DeFi-powered yield on Dai is now available for eligible Coinbase users in over 70 countries, including the United Kingdom, Germany, and Spain.
DeFi Yield is not currently available for customers in the United States.”
According to the official Coinbase DeFi yield webpage, the Ethereum-based DAI is deposited into smart contract DeFi platform Compound (COMP) but investors retain access to their funds without any lock-up period.
Coinbase adds that the annual percentage yield (APY) is based on the rates offered by Compound and that the crypto exchange cannot guarantee against possible losses.
Coinbase also says it plans to add additional assets and ways for holders to earn in the future.
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