Coinbase wallet allows for interest earning via DeFi apps

Coinbase announced a new Coinbase wallet feature that allows you to lend cryptocurrency and earn interest on decentralized finance (DeFi) apps.

Users have until now used DeFi apps like Compound and dYdX through the Wallet’s built in decentralized application (dapp) browser or via WalletLink on desktop. The new feature will make it easier to use these DeFi apps by integrating them into the Wallet. It will provide the option to compare rates from providers, deposit your crypto without opening a web browser, and view your balances on a unified dashboard.

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DeFi apps are “smart contracts” or programs running on the Ethereum blockchain. They allow users to deposit their crypto in the contract and it loans it to borrowers with interest. The contracts manage the interest based on the supply and demand. Collateral from the borrowers backs the DeFi loan.

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