Coinbase Now Offers 2% Rewards on Dai Stablecoin Accounts
Coinbase CEO Brian Armstrong (CoinDesk archives)
U.S.-based crypto exchange Coinbase has launched a rewards program for customers holding the dai stablecoin from popular DeFi project Maker.
- Coinbase said Wednesday that users holding more than 1 dai will see returns at 2% annual percentage yield (APY).
- The program applies to customers residing in the U.S., U.K., The Netherlands, Spain, France and Australia.
- Rewards are to be distributed within the first five business days of receiving dai in a Coinbase account and will be handed out daily after the first payout.
- Coinbase has a similar program for U.S. customers that rewards users based on the number of USD Coin (USDC) held in their exchange wallets, and has one planned for cardano (ADA) this year.
- The exchange already rewards users for interacting with educational content with dai as part of the Coinbase Earn project.
- Dai-issuer MakerDAO is the biggest platform in decentralized finance, or DeFi. Earlier this week, total value of cryptocurrency locked into the scheme crossed above $1 billion – a first for any DeFi project.
- Maker itself offers interest on holdings of dai and it’s possible Coinbase is merely passing on these earnings with its rewards program.
- CoinDesk reached out to the exchange for clarity, but had not not heard back by press time.
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