Coinbase got in trouble with the United States Securities and Exchange Commission (SEC) over its decentralized finance (DeFi) product. However, the crypto exchange is now expanding the product and making it available to more users.
Coinbase’s DeFi Product Now Available to More Customers
Cryptocurrency exchange Coinbase announced a few days ago that it had launched its high-interest DeFi yield to customers in 70 countries, including the United Kingdom, Germany, and Spain. The product was previously only available to its customers in the United States.
In its blog post, the exchange said, “Today we’re introducing a new way for Coinbase’s global customers to put their crypto to work and earn yield. We are making DeFi more accessible, enabling eligible customers in more than 70 countries to access the attractive yields of DeFi from their Dai with no fees, lockups, or set-up hassle.”
The crypto exchange said it is making DeFi more customer-friendly and accessible. Users can access the attractive yields of DeFi via their Coinbase accounts and avoid the network fees attached. Coinbase will pay the users their yield in Dai, a stablecoin pegged to the US Dollar.
Coinbase Suspended the Product in the US
Coinbase first launched the product in the United States. However, it had to suspend it because of the troubles with the United States SEC. According to Coinbase CEO Brian Armstrong, the SEC considered the product as a security and asked the exchange to halt it.
The US-based exchange remains one of the leading digital asset trading platforms in the world. Coinbase entered the nonfungible token (NFT) space a few weeks ago and has already attracted massive interest.
The Coinbase NFT marketplace is set to launch soon, and the crypto exchange said it had gotten more than a million signups even before they started operating. Coinbase’s Alesia Haas was one of the many executives that recently spoke to a US Congress committee regarding cryptocurrencies and the potential of the crypto and blockchain space.
This article was originally posted on FX Empire