(Coinbase) Crypto exchange Coinbase is launching a DeFi service via Compound Finance covering more than 70 countries while excluding the American users.
The DeFi yield product will initially be available on MakerDAO’s DAI stablecoin. Eligible users on the Coinbase app and website will earn yields on DAI directly.
The launch of the DeFi service happened following the halt of Coinbase’s Lend service after the Securities and Exchange Commission threatened action against the exchange.
Coinbase, which now has excluded American users from the DeFi yield service, said in a congressional testimony that it does not know why its Lend product was disallowed by the SEC.
Coinbase hinted that the launch of the new product is just the beginning, with the exchange targeting offerings in more regions.
The US crypto exchange did not mention the amount of commission or fees it will charge from the DeFi lending product. The company warned of potential losses but said it was unlikely due to over-collateralization.
DAI currently occupies the fourth position by market capitalization among stablecoins, with about $8.91 billion total value. DAI supply has risen by 2,300% this year.
DAIUSD is up +0.05%, COMPUSD is up +3.29%.
