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Coinbase Invests $1.1 Million Into UniSwap And PoolTogether DeFi Projects

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Zachary

BITCOIN NEWS,
April 2, 2020

Coinbase continues to ramp up its involvement in the DeFi sector with its latest investment

Coinbase has announced that they are investing USD 1 million into UniSwap and USD 100,000 into PoolTogether, which are both Decentralized Finance (DeFi) projects.

UniSwap is the most popular Decentralized Exchange (DEX) that is built on top of the Ethereum protocol, and Coinbase specifically injected USD 1 million into UniSwap’s Ethereum/USD Coin trading pool in order to help support critical infrastructure and increase liquidity.

PoolTogether is a lossless lottery, where users receive one lottery ticket per week for each Dai or USD Coin that they have deposited. Whoever wins the lottery receives the interest from the entire pool for that week. Coinbase is incentivizing this lottery by adding USD 100,000 to the lottery pool.

Previously, Coinbase also invested USD 1 million into both Compound and dYdX. Further, Coinbase has directly integrated with DeFi projects, allowing Coinbase users to earn interest on their deposits.

Thus, Coinbase is becoming increasingly involved in the DeFi sector, and continues to invest large amounts of money into DeFi projects.

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