Coinbase Launches DAI Rewards For Customers Yeilding 2 Percent On Their Holdings
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Coinbase Launches DAI Rewards For Customers Yeilding 2 Percent On Their Holdings

July 30, 2020      Jyoti Singh

Coinbase, the San Fransico based popular crypto exchange has introduced a new investment product called DAI Rewards. The launch of DAI rewards is being considered to be its new approach towards developing a De-Fi focused product line. 

It is to be noted that every DAI Rewards in the crypto space would generate 2 percent APY for its holders, who are from the US, UK, Spain, France, and Australia. 

In order to increase the flexibility of DAI, Coinbase has decided to offer rewards regularly, but the company would start doing so, after five days of its launch. 

USDC Rewards Introduced In 2019

Before this new approach, the San Fransisco-based exchange had launched another way that could help the customers in earning rewards along with their crypto trades. In the year 2019, the exchange introduced a new service where the customers were offered stablecoins as a reward for their 1 USD Coin. 

Now the exchange has introduced Dai on its Coinbase Earn service. While releasing the cryptocurrency on its platform, the exchange notified that the users watching the videos related to cryptocurrencies and taking quizzes related to it would get this crypto-collateralized stablecoins. 

DAI Is Not Volatile

Unlike other cryptocurrencies, stablecoins are not volatile in nature, also they transfer the funds quickly and cheaply, and importantly they are supported by the US dollars, therefore, most people rely on them and owns them.

Regarding Dai Reward, the exchange has stated that if the customer owns a Dai worth $1 in its Coinbase account, then he is automatically eligible for the rewards.  

The customers holding DAI have full control over it, they can withdraw the stablecoin from their account whenever they want it.

The customers could either purchase Dai or use an external wallet to send the stablecoin to their Coinbase account so that they can earn a reward from it.

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Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.