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Coinbase, the largest cryptocurrency exchange in the US, is diversifying its revenue streams, and its DeFi yield is the latest addition to its service offerings.

In a blog post, Coinbase stated that the DeFi yield program will be a new way for customers on Coinbase Global to generate yields from their crypto holdings. As such, the exchange will make decentralized finance (DeFi) more accessible and enable customers from over 70 countries to gain access to this earnings program.

In the announcement, Coinbase states that users outside the US will access attractive yields from DeFi through their Dai that comes at zero fees, lockups or set-up hassle.

The blog post read,

Coinbase is making DeFi more customer-friendly and accessible. Eligible users will now be able to access the attractive yields of DeFi from the comfort of their Coinbase account with just a few taps and without the network fees.

Through the Coinbase DeFi yield, the Dai stablecoin is deposited into Compound Finance, a leading DeFi platform. The APY offered on the deposits will be determined by the ongoing rates from Compound. These rates will be updated promptly to reflect any changes in the market.

The rates offered by Compound can be high or low. Coinbase notes that the high APY rates offered by the platform reflect the features of DeFi, such as global liquidity and increased risk. Coinbase notes that while it will closely monitor the protocols, users need to be aware of potential losses from investing in DeFi.

“Even when deposited with Compound, your Dai remains available to you on Coinbase at all times, letting you continue to trade and spend as usual. Best of all, Coinbase covers the gas fees typically required to access DeFi protocols and their variable yields,” the company notes.

Coinbase also notes that this DeFi yield feature is just the beginning and notes that it will unveil more DeFi opportunities in the future.

Today’s launch is just the beginning – we are continuing to explore ways to allow our customers to use a wide variety of assets and a greater number of DeFi protocols.

Coinbase, like most cryptocurrency exchange platforms, generates most of its revenues from trading fees. However, the exchange has been looking into launching more products besides facilitating crypto trading.

Earlier on, Coinbase has announced plans to launch a lending program. However, the US Securities and Exchange Commission (SEC) threatened to sue the exchange if it launched such a program, after which Coinbase halted its plans.

Coinbase is also launching a marketplace for non-fungible tokens (NFTs). In October, the exchange unveiled a waitlist for this marketplace, which has since attracted attention from millions of users.

The post Coinbase launches DeFi yield program for non-US customers appeared first on Invezz.

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