Coinbase Launches DeFi Yield Services, But Not For Americans

[waybesuricata]

U.S. crypto exchange giant Coinbase is expanding its services with new decentralized finance (DeFi) offerings, but they will be unavailable to North American customers.

In an announcement on Dec 9, Coinbase stated that it was launching a new DeFi service to “eligible customers” in more than 70 countries.

The DeFi yield product will only be available on MakerDAO’s DAI stablecoin at the moment. Those that are eligible will be able to earn yields on DAI directly from the Coinbase app and website, the company stated.

The Securities and Exchange Commission killed Coinbase’s plans for DeFi in the U.S. when it threatened legal action over the firm’s proposed Lend service in early September. Lend would have enabled investors to earn interest on USDC stablecoins but the regulator waved the red flag at that one.

At this week’s congressional testimony, Coinbase Chief Financial Officer Alesia Haas said “we still do not have clarity on why our product wasn’t allowed to proceed.”


Source and continuation of news:  https://beincrypto.com/coinbase-launches-defi-yield-services-but-not-for-americans/

[bitbit97]

On one hand it is strange that Coinbase have chosen to skip their all the North American users. On the other hand, North American users were the only users that were eligible for new features. For example all the updates during 2021 were not available for europeans.