Coinbase has announced support for decentralized finance (DeFi) applications through its proprietary wallet platform.
According to the official blog post published Mar. 25, Coinbase has added support for clients to lend out and earn interest on their crypto via DeFi apps using the Coinbase Wallet dashboard.
Users were previously able to deposit crypto on popular DeFi apps like Compound and dYdX through the wallet’s built-in decentralized application browser. The new update will allow users access to their DeFi accounts through direct integration with the Coinbase Wallet.
According to the announcement, the update allows users to compare different rates from providers, deposit crypto and view balances through a single dashboard. Clients can also lend out their crypto and earn interest directly through the Coinbase Wallet app.
DeFi borrowing relies upon smart contracts generated on ethereum’s blockchain in order to secure the funds for the duration of the loan. Users can lend out ethereum and ethereum-based tokens, including USDC, DAI and BAT, with interest rates varying between 0.03 percent and 4.17 percent depending upon the coin.
Coinbase says the new features will be available for iOS users this week, with Android to follow in the coming weeks.
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