Coinbase Launches Defi Yield Earning Service to Over 70 Countries, United States Not Included
announced it has opened decentralized finance (defi), services to customers in over 70 countries. This news comes after the announcement last Wednesday, when it announced it had acquired Unbound Security and BRD wallet. Coinbase reports that these customers can now earn yield from Makerdao’s defi stablecoin called DAI.
The firm announced that it was launching a new way for Coinbase customers around the world to use their crypto to earn yield. “We are making defi easier, allowing eligible customers in over 70 countries to get the attractive yields from defi using their Dai without any fees, lockups or setup hassle.
Coinbase Defi users must reside in an eligible jurisdiction
Coinbase advises that customers who want to earn yield with DAI should access the DAI asset webpage on either Coinbase.com or the Coinbase app. To earn, users must have a balance in DAI and customers must reside in an eligible country. Coinbase has been looking into defi-based yield and lending programs for some time. It had previously planned to unveil a lending product, but it was threatened by U.S. Securities and Exchange Commission.
The lending program has been canceled by the Nasdaq-listed cryptocurrency exchange. Coinbase’s latest defi yield-earning service is not currently available to customers in the United States. Coinbase says that the service that yields DAI yield is only the beginning. The company plans to use a wider range of assets and more defi protocols in the future.
