Yesterday, the Coinbase exchange announced the launch of a new feature for its wallet, which is to interact with decentralized finance (DeFi).
We’re making it even easier to earn interest with DeFi apps by integrating them into the Wallet experience.
Compare different rates, make easy deposits and view your balances on a simple, unified dashboard. https://t.co/opqCEaV0pq
— Coinbase Wallet (@CoinbaseWallet) March 25, 2020
DeFi is becoming unstoppable day after day and is expanding both in terms of protocols and blockchains as well as in terms of volumes, constantly setting new records, but due to the technological complexity of the tools in the industry, many users are excluded from it.
Sure, there are hundreds of guides, forums, customer support and tutorials, but Coinbase wanted to do something and try to make it easier to get into DeFi with their own wallet.
To facilitate access and the approach to this sector, the Coinbase team has been working on integrating DeFi’s dApps into the wallet.
Thanks to the app’s simple interface and the fact that it is becoming a complete platform with wallets, exchanges and debit cards, it will certainly be easier for users to interact with decentralized finance tools.
A well-thought-out choice where users simply choose which crypto or amount to use and the wallet will do the rest as all transactions are done directly on an app.
At the moment Coinbase supports, as far as cryptocurrencies involved in the DeFi world are concerned, ETH, USDC, DAI, BAT, REP, WBTC and ZRX, thus a very limited selection if compared to other instruments and protocols, while the variety of APRs ranges between 0.03% and 4.17%, values that naturally tend to vary over time.
Coinbase is obviously not the only application that helps users to interact with the DeFi world: Eidoo has recently moved in this direction and has also announced its Eidoo debit card. Unlike Coinbase, however, everything on Eidoo is decentralized.
Coinbase’s announcement of yesterday ends with a warning saying to proceed with caution, especially since DeFi’s instruments are new protocols that involve risks such as losing money. It is worth remembering, for example, what happened a few weeks ago to Maker DAO.