Coinbase Invest $2M USDC In DeFi
Major American cryptocurrency exchange has invested $2M in USDC in its bid to grow the decentralized finance (DeFi) ecosystem.
The company announced that it will be investing 1 million USDC each in lending protocols Compound and dYdX.
The new fund will support developers by investing USDC directly and will be called the USDC Bootstrap Fund.
According to Coinbase product manager, Nemil Dalal, USDC tokens deposited cannot be used for items like salaries or user acquisition they simply provide more liquidity in the protocol, making it easier to attract borrowers and takers.
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