Coinbase Launches USDC-Based Initiative to Support DeFi Developers
Ana Alexandre's original article for cointelegraph.com reduced by 75%
Cryptocurrency trading platform Coinbase has launched the new USDC Bootstrap Fund aimed at the improvement of Decentralized Finance. As the company announced on Sept. 10, Coinbase set up the USDC Bootstrap Fund to support developers who build DeFi protocols by investing USD Coin directly in the protocol.
Coinbase and payment startup Circle jointly launched their own stablecoin USDC in September 2018.Bringing more liquidity to DeFi protocols. Among possible investments, Coinbase named smart contracts, while returns are set to be provided by a counterparty - a borrower or taker. Reportedly, any counterparty who provides crypto collateral and pay interest can borrow USDC tokens.
Coinbase announced the two first investments through the USDC Bootstrap Fund - 1 million in USDC to Compound, and 1 million in USDC to dYdX.Digital assets uptake. Earlier in September, Offchain Labs opened up the Alpha version of its Ethereum scaling solution, dubbed Arbitrum, following investment from Coinbase Ventures.
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