Dai token users on Coinbase can now earn 2% APY

Leading US-based digital currency exchange, Coinbase has provided another option for its users to earn rewards in Dai token, a decentralized stablecoin created by MakerDAO. Most recently, a reward program was announced for Dai token users on Coinbase, which would enable them to earn a reasonable profit on their Dai token deposits.

More reward for Dai token users on Coinbase

According to the Coinbase announcement on Wednesday, its Dai token customers and other interested users can now earn about two percent on their Dai token deposits. The development follows a so-called ‘Dai Rewards,’ initiative launched by the crypto exchange. However, the reward program is limited to some places.

The new offering is only available to Dai token users on Coinbase from six countries, namely, the Netherlands, France, United States (US), Spain, United Kingdom (UK), and Australia, following the announcement. Thus, users from the supported countries can choose to participate by either buying the Decentralized Finance (DeFi) token, Dai from the exchange, or transfer Dai from other wallets to Coinbase.

Earn Dai

In the announcement, Coinbase explained: 

With yields on savings accounts and government bonds at record lows, earning rewards on stablecoins like Dai and USDC stands out as an alternative way to passively generate income using crypto held on Coinbase.

Therefore, the eligible Dai token users on Coinbase start earning from the exchange automatically with at least one Dai token, which is equal to $1. Coinbase said the first batch of Dai reward would be distributed within the next five working days, after which the subsequent rewards will be shared on a daily basis.  

Dai token users on Coinbase were previously provided an offering on Coinbase Earn, which enables them to earn the cryptocurrency by completing common tasks, like participating in crypto quizzes and watching videos.