Cryptocurrency exchange Coinbase has announced that it is lowering barriers for people to get into decentralized finance (DeFi). The Nasdaq listed firm will start giving its customers from over 70 countries access to earning yield on the stablecoin DAI.
The announcement detailed:
“Today we’re introducing a new way for Coinbase’s global customers to put their crypto to work and earn yield. 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.”
The math is simple.
Coinbase + DeFi = more ways to earn.
With the power of decentralized finance, eligible Coinbase customers can earn variable yield on Dai stablecoins. Now available in 70+ countries, including:
Learn more https://t.co/MIX28eKR2x pic.twitter.com/2VzFPPjUIH
— Coinbase (@coinbase) December 9, 2021
Those wanting to participate in earning yield with DAI must access the DAI asset page either on the Coinbase app or Coinbase.com and, importantly, need to reside in an eligible jurisdiction. Coinbase notes that the service is not available for U.S. customers.
DeFi-based yield earning and lending programs have been topping Coinbase’s list of priorities for a while now. Its ambitious new lending product “Lend” however got called back by the U.S. Securities and Exchange Commission and since been abandoned.