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.”.
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..
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