Digital Assets: Coinbase Allows Customers To Earn Yield On The DAI Stablecoin

December 10, 2021 | Digital Assets, News
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Customers from over 70 countries are eligible for the offer, except the US.

Eligible customers in over 70 countries can now access decentralized finance services through crypto exchange Coinbase (NASDAQ: COIN). Holders of the DAI stablecoin issued by Makerdao may earn attractive yields on their coin.

“Today we’re introducing a new way for Coinbase’s global customers to put their crypto to work and earn yield,” said an announcement by Coinbase. “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.”

Dated December 9, the announcement said users could avail the scheme effective the same day.

Coinbase and Dai Yield. Here are the steps:

  • Visit the Dai asset page on Coinbase.com, or the app
  • In addition to being in an eligible jurisdiction, you must have Dai in your Coinbase wallet in order to enter the DeFi Yield experience.
  • Once you have a Dai balance, go to the Dai asset page
  • Choose the DeFi Yield tile to review, and
  • Accept the terms to start earning.

Yields offered

The Dai offered by customers is deposited to a DeFi protocol called Compound Finance that offers variable rates of yield – these varied between 2.83% and 5.39% APY for Dai during October.

“Even when deposited with Compound, your Dai remains available to you on Coinbase at all times, letting you continue to trade and spend as usual,” said the crypto exchange. “Best of all, we cover the gas fees typically required to access DeFi protocols and their variable yields.”

Related Story: CoinBase Debut – Crypto’s “Watershed” Moment

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