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Coinbase Unveils "Yield" Product As An Alternative To USD

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 DAI has been available on Coinbase's professional trading platform Coinbase Pro since June and is now available to a wider range of customers through the newly launched DeFi Yield. The product is currently only available in 70 jurisdictions, and users need to be verified to participate.

The product allows users to earn interest on their crypto holdings, which is a first for Coinbase. The firm has already launched a similar product in the U.S., however, the new product will allow users in 70 jurisdictions to take advantage of the service.

DAI is an ethereum-based stablecoin that helps users escape the volatility of cryptocurrency markets by maintaining a 1:1 ratio with the U.S. dollar. The Coinbase product is designed to allow users to earn interest on DAI, which is not possible on the platform now.

The launch of Coinbase Earn comes months after the exchange launched its own decentralized platform, Coinbase Asset Management (CAM), which enables crypto-to-crypto trading and requires no minimum deposit. The product is currently available in more than 40 countries, with a further 40 jurisdictions set to be added over time.

This is the latest in the line of initiatives from Coinbase to experiment with ways to earn yield for cryptocurrency holders. As interest rates continue to fluctuate over time, and with Bitcoin's inherent volatility, Coinbase will continue to look for new ways for its users to earn interests on their crypto holdings. This is especially true as regulatory uncertainty continues to persist and as global authorities remain divided on how (and whether) to address it. As such, this product launch from Coinbase can be seen as a sign of where things are heading: more crypto products that reward its users.

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Friday, 24 June 2022
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