Coinbase Invests 2M USDC …

Coinbase Invests 2M USDC in Compound and dYdX DeFi Projects

The American cryptocurrency exchange Coinbase is investing 1 million USDC each in the Compound and dYdX lending protocols, in an effort to support the development of the decentralized finance (DeFi) ecosystem. To this end, Coinbase has set up a dedicated USDC protocol direct investment fund..

The USDC stablecoin is pegged 1 to 1 to the US dollar and was released by Coinbase in partnership with payments company Circle last year. According to Etherscan, the current USDC turnover is $ 443 million..

“The USDC we provide cannot be used to pay salaries or acquire users. We are simply providing additional liquidity to the protocol, which makes it easier to attract borrowers (for decentralized lending protocols) and takers (for decentralized exchanges), said Coinbase Product Manager Nemil Dalal. “The USDC Bootstrap Foundation’s goal is to ease the supply side and allow the protocol to grow.”.

Coinbase Invests 2M USDC ...

DYdX Chief Operating Officer Zhuosun Yin said that Coinbase’s partnership with DeFi startups is mutually beneficial: “It’s a completely different type of investment. They provide funds to the protocol to increase the liquidity of the protocol and spur the use of USDC. “.

Compound CEO Robert Leschner noted that the Coinbase foundation could be “the starting point for legitimizing open source finance.” “Coinbase is a financial institution, and the fact that they interact with open finance applications will be seen as a battle cry for attracting other institutions,” he added..

Similar articles

  • Coinbase Launches Crypto Debit Card…

    Coinbase Launches Crypto Visa Debit Card For UK Residents Coinbase American Exchange This Thursday Introduced Its Own Debit…

  • Coinbase formed a committee…

    Coinbase has formed a political action committee Coinbase has formed a political action committee, CoinDesk writes….

  • Coinbase opens its index…

    Coinbase Opens Its Index Fund For Accredited US Investors Cryptocurrency company Coinbase has announced the opening of its index fund…

  • Coinbase will get rid of related…

    Coinbase will get rid of employees associated with the Hacking Team Coinbase CEO Brian Armstrong said that employees of the acquired…

  • Coinbase is considering…

    Coinbase is considering listing the Telegram Open Network token American cryptocurrency exchange Coinbase revealed another list on Thursday…