The CoinBase Non-US users from 70 countries are eligible to earn yields APY on their Dai deposits
CoinBase, the leading cryptocurrency exchange, has launched the most needed product model for its users from 70 countries to earn yield for depositing Dai, a stablecoin pegged to the US Dollar with ‘0’ fee requirements.
The CoinBase team broke the news to the audience on their blog. While the team also praised who well DeFi is suited to the society that offers tons of use-cases and suffice the needs for millions with blockchain and cryptocurrencies as the common people can become part of digital assets and apps without requiring a paid approval from a third party.
As it’s obvious DeFi are bound to charge for the protocol as network fees that being said, CoinBase is working to make the DeFi to more suitors across the world.
“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”
Since when can customers start earning DeFi yield from CoinBase?
The CoinBase customers of 70 countries other than the US can start earning yield of Dai deposits from 9th December. The deposits will be converted into Compound Finance which works on the basis of DeFi financing or lending and borrowing of cryptocurrencies.
The APY or Annual Percentage Yield gets affected by the varying compound rates. It has volatility and fluctuation ingrained and can go up/down just like it fluctuated during October from October, from 2.83% and 5.39%.
So if you are not a US-based CoinBase user you can start earning yield rightaway from CoinBase’s Dai Page.