Coinbase to Support DeFi Protocols on Ethereum Network

Coinbase to Support DeFi Protocols on Ethereum Network

Coinbase, a crypto exchange headquartered in San Francisco, is gearing up for supporting the DeFi protocols on the Ethereum network, according to the Daily Hodl.

After launching trading platform dYdX, Coinbase has invested USDC stablecoins amounting of $1.1 million into the pools powering two of Ethereum’s most popular decentralized finance (DeFi) applications: Uniswap and PoolTogether.

The investment comes through the USDC Bootstrap Fund which was launched by the company in September 2019.

Uniswap is an exchange facilitating swapping Ethereum and ERC-20 tokens. Earlier, Coinbase said it has become one of the most liquid exchanges on Ethereum network.

“Their constant market maker model makes it easy to launch a liquid exchange for any token, and is increasingly becoming critical infrastructure for tokens and applications that need liquidity.”

PoolTogather allows customers to buy tickets using stablecoins DAIs or USDCs that can earn interest through Compound. Accordingly, one ticket holder is randomly selected every week to win the accumulated interest from the pool. Meanwhile, those who did not win will keep their initial funds.

Coinbase is providing PoolTogether with USDC worth $100,000 to increase rewards for depositors of the stablecoins. Its USDC Bootstrap Fund is investing $1.1 million in USDC.

Coinbase Custody biggest operator of Tezos saking

Coinbase Custody has been staking more than 65 million Tezos (XTZ) as of 30 March, according to a research by The Block’s John Dantoni.

Despite imposing higher fees, Coinbase Custody is considered the largest operator of Tezos staking validator.

Coinbase Custody is one of the services launched through Coinbase Exchange in the cryptocurrency market. This service mainly targets corporates and institutions rather than individuals.

Through this platform, the U.S.-based company deals with hedge institutions and major investment companies that plan to buy large amounts of digital assets.   

In April 2019, Coinbase Custody started to expand the staking of XTZ, which equates more than $110 million at today’s XTZ price of nearly $1.7.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.