Recently, the Coinbase exchange announced the launch of a new feature for its wallet, which is 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 and in terms of volumes, constantly establishing 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 access DeFi with its own wallet.
To facilitate access and focus in this sector, the Coinbase team has been working on the integration of DeFi dApps in the wallet.
Thanks to the simple interface of the app 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 financial tools.
A well thought out option where users simply choose which cryptocurrency or amount to use and the wallet will do the rest since all transactions are done directly in an app.
At the moment, Coinbase supports, as far as the cryptocurrencies involved in the world of DeFi, ETH, USDC, DAI, BAT, REP, WBTC and ZRX are concerned, therefore a very limited selection compared to other instruments and protocols , while the APR variety ranges from 0.03% to 4.17%, values that naturally tend to vary over time.
Obviously, Coinbase is not the only app that helps users interact with the world of DeFi: Eidoo has recently moved in this direction and has also announced its Eidoo debit card. However, unlike Coinbase, everything on Eidoo is decentralized.
Yesterday's Coinbase announcement ends with a warning saying to proceed with caution, especially since DeFi instruments are new protocols that involve risks like losing money. It is worth remembering, for example, what happened to Maker DAO a few weeks ago.