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Coinbase Wallet lessens crypto interest with DeFi integration

Image by Coinbase Wallet

Mon, 30 Mar 2020, 00:24 am UTC

Crypto exchange Coinbase announced on Wednesday that it has added decentralized finance (DeFi) apps to Coinbase Wallet, a secure app to store crypto. The new feature will enable users to earn interest by investing their holdings.

Prior to this new feature, Coinbase Wallet has already allowed DeFi lending through DApp browsers of WalletLink for desktop. The wallet will now allow users to check interest rates on different platforms and track their funds on the wallet dashboard, Finance Magnates reported.

However, it isn’t easy to compare rates or view total balances across different providers,” said Sid Coelho-Prabhu, Coinbase Wallet lead. “With today’s announcement, we’re making it even easier to use these DeFi apps by integrating them into the Wallet experience.”

“With this new lending experience, you’re just a few taps away from putting your money to work. Pick a coin to lend, pick a smart contract, and enter the amount you wish to lend. Your crypto is then deployed directly to the smart contract to start earning interest,” Coelho-Prabhu added.

The wallet already rolled out the new feature on the iOS platform. Android users will enjoy the same feature in an update in the coming weeks.

The DeFi platforms allow users to take loans using crypto as collaterals. For instance, if a borrower wants to borrow $50, they might need to lock up at least $100 of crypto on the blockchain as collateral first. The demand for DeFi loans is increasing significantly.

In related news, Coinbase has just announced that Coinbase Card, a Visa debit card funded by crypto, can now be linked to Google Pay for crypto mobile payment. Google Pay is a safe outlet to use crypto for funding travels and getaways.

Coinbase is the first crypto company to receive Visa principal membership. The Coinbase Card enables its customers to spend cryptocurrencies like cash.

“This membership will enable us to offer more features for Coinbase Card customers; from additional services to support in more markets – all elements that will help to evolve and enrich the cryptocurrency payment experience,” Coinbase said.

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