Coinbase Grants App Users Direct Access to Crypto Lending Platforms

Major crypto exchange Coinbase has announced that it will allow users to lend out their crypto and gain interest from loans using decentralized finance (DeFi) apps via its Coinbase Wallet app.

The development comes as the crypto lending industry continues on a path of dynamic growth, with rapidly increasing interest among would-be lenders worldwide.

In a statement, the exchange wrote,

“Coinbase Wallet users have already deposited millions of dollars into DeFi apps like Compound and dYdX, earning interest at rates ranging up to 6% [annual percentage rate]. Users currently access these apps through the Wallet’s built-in decentralized application (dapp) browser or via WalletLink on desktop. However, it isn’t easy to compare rates or view total balances across different providers.”

Coinbase added that its latest move would “make it even easier” for customers to use DeFi apps by “integrating them” into its “wallet experience.”

Source: cryptonews.com