Top U.S. cryptocurrency exchange Coinbase has partnered with MakerDAO on a custody deal that will nearly double the exchange’s holdings of US Dollar Coins (USDC).
Under the agreement, MakerDAO, the decentralized autonomous organization (DAO) behind the DAI stablecoin, will deposit up to $1.6 billion USDC holdings into Coinbase Prime.
When managed by Coinbase, MakerDAO earns up to 1.5% rewards in USDC, a dollar-pegged Ethereum (ETH)-based stablecoin. MakerDAO does not need to pay storage fees.According to recent information pollthe deal was supported by over 75% of the MakerDAO community.
coin base To tell Prior to the transaction, it held USDC worth $1.7 billion on behalf of its clients. MakerDAO’s custody agreement is nearly double that. The company also said the deal marks the first time the firm’s USDC rewards program has won an institutional investor.
Coinbase CEO Brian Armstrong To tell,
Its great that Coinbase Prime provides custody for DAOs like MakerDAO and is a great way to continue supporting USDC. We look forward to working with more DAOs in the future.
In 2018, Coinbase participated in the creation of USDC by co-founding the consortium Center with peer-to-peer payment technology company Circle.
Company To tell,
Coinbase believes stablecoins can be part of the solution to building a more efficient, fair and open financial system. , has become the second largest stablecoin by market capitalization.We believe USDC will be a key component of the new financial paradigm as it helps bridge the gap between the crypto and fiat worlds. .”
Don’t miss a beat subscribe to get encrypted email alerts delivered straight to your inbox
Price action confirmation
Please follow us twitter, Facebook When telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Peshkova