Coinbase Launches Defi Yield Earning Service to Over 70 Countries, United States Not Included

The cryptocurrency exchange Coinbase has revealed that it has made decentralized finance (defi) more accessible by giving Coinbase customers from over 70 countries access to earning yield on the stablecoin DAI. Coinbase claims the process is simple with “no fees, lockups, or set-up hassle,” as the firm believes “defi has tremendous potential to help increase economic freedom.”

Coinbase Now Offers Yield on the Defi Stablecoin Issued by Makerdao

Coinbase has announced that it has opened up decentralized finance (defi) services to customers in more than 70 different countries. The news follows the company’s announcement last week when it revealed it acquired BRD wallet and Unbound Security. According to Coinbase, eligible customers in these countries can now earn yield on the defi stablecoin issued by Makerdao called DAI.

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

Coinbase Defi Users Must Reside in an Eligible Jurisdiction

Coinbase notes that customers that want to participate in earning yield with DAI must access the DAI asset page either on the Coinbase app or Coinbase.com. Users need a balance of DAI to earn and customers must be located in an eligible jurisdiction. Coinbase has been interested in getting into defi-based yield earning and lending programs for a while. It previously had plans to reveal a lending product but was threatened by the U.S. Securities and Exchange Commission.

The Nasdaq-listed cryptocurrency exchange has abandoned the lending program for now. Furthermore, the latest defi yield earning service offered by Coinbase is currently not available for customers in the United States. The service that offers yield on DAI is just the beginning, Coinbase notes, as the company aims to use “a wider variety of assets and a greater number of defi protocols” going forward.