Coinbase facilitates access to DeFi via its mobile wallet

Coinbase rolled out a new feature on their wallet Coinbase Wallet allowing its customers to easily use Decentralized Finance (DeFi).

In a blog post, the American crypto-broker explained that the users of his proprietary wallet Coinbase Wallet could now easily lend their cryptocurrencies and generate interest.

The DeFi applications as Compound and dYdX are based on blockchain Ethereum and use smart contracts to dynamically manage interest rates based on supply and demand.

Currently, users of Coinbase Wallet can lend Basic Attention Token (BAT), USD Coin (USDC), DAI, Augur (REP), Wrapped Bitcoin (WBTC) and 0x (ZRX).

We make it even easier to use applications Challenge integrating them into the experience Wallet. You can compare supplier rates, easily deposit your cryptos without opening a browser and display your balances on a dashboard, ”wrote Coinbase.

The broker nevertheless specifies that the Challenge is at the experimental stage and that using its applications involves risks because returns are not guaranteed and deposits are also not insured.

The functionality will be deployed very soon on iOS and in the coming weeks on Android. Note that previously, Coinbase Wallet users could already access such applications via WalletLink.

Last month, the total value engaged in the Decentralized Finance exceeded the billion dollars. However, it has since declined considerably and now displays $ 615 million, according to data provider DeFiPulse. Maker, Synthetix and Compound are the 3 DeFi projects that have mobilized the most funds.