Coinbase Wallet Users Can Now Access DeFi Apps and Earn Crypto Interest
Coinbase Wallet, the dedicated cryptocurrency wallet from the stables of Coinbase exchange, has announced the integration of new DeFi apps into the wallet to make it easier for users to lend out their digital assets and earn interest, according to a blog post on March 25, 2020.
Coinbase Wallet Integrates DeFi Apps
In an attempt to make it easier for its users to lend out their digital assets, check balances and access all information concerning decentralized finance, Coinbase Wallet has integrated Defi apps like Compound and dYdX into its platform.
As stated in its blog post, while existing users of Coinbase Wallet have been accessing DeFi apps via the wallet’s inbuilt dApp browser or through WalleLink on desktop, the process is a bit cumbersome and users find it hard to carry out certain activities including comparing rates across various providers or viewing their balances.
However, with the integration of the DeFi application right into the Coinbase Wallet, the team says users will now be able to carry out a range of activities straight from their wallets.
Specifically, Coinbase Wallet users will now be able to deposit their coins and view balances across various DeFi sites on a simple, unified dashboard, compare rates and carry out other processes more seamlessly.
Lending and Borrowing Simplified
As the world of decentralized finance continues to expand, Coinbase says its new DeFi feature gives users of the Coinbase Wallet an opportunity to make their money work for them via lending.
“With this new lending experience, you’re just a few taps away from putting your money to work. Select 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.”
Users who lend out their digital assets will be able to view their interests and balances from the Coinbase Wallet app and make withdrawals from the smart contracts straight from the app.
Coinbase says the new feature will be available to users around the globe, with iOS support scheduled to go live this week, while the feature will launch on Android in the coming weeks.
In recent times Coinbase has been adding innovative features aimed at making life easier for its users.
Earlier in February, Coinbase announced it has become the first crypto exchange in the world to secure a Visa membership.