Jun 12, 2020 18:30 UTC
Jun 12, 2020 at 18:30 UTC
Coinbase Could Soon Make Access to DeFi Easier
Leading cryptocurrency exchange, Coinbase could soon rundown the tokens of DeFi powerhouses like Synthetix, Compound, Bancor, and Aave. As perhaps the biggest cryptocurrency exchange in North America, the move would profit DeFi protocols over the division.
Incorporating DeFi with CeFi
Coinbase is losing favor with the cryptocurrency community. Be that as it may, that doesn’t imply that it is lights out for the exchange.
In the course of the most recent year, the American cryptocurrency exchange has gained by the development of DeFi, taking advantage of the niche, and turning into a key market for certain tokens. The cryptocurrency exchange is making this one stride further by including nine new DeFi tokens.
The move isn’t only the first foray of Coinbase into the division. The crypto exchange has already launched a prophet on the Ethereum blockchain just as revealed a DeFi-centered wallet.
Moreover, this might be increasingly about taking advantage of the promotion as opposed to supporting the fledgling DeFi development. Coinbase, by adding DeFi tokens to its liquid exchange, could take piece of the overall market share from DEXes that rule the trading volume for the said tokens.
Aside from COMP, all DeFi tokens that the cryptocurrency exchange has proposed have outperformed Bitcoin (BTC) by 11-60% this week.
Coinbase will likewise list VeChain, SKALE Network, Origin Protocol, DigiByte, and Arweave, amonst others. A large portion of these coins have had a solid week, which opens up the chance of the exchange listing these tokens to take advantage of the notorious ‘Coinbase effect.’