New USDC Bootstrap Fund of Coinbase

Coinbase Launches USDC Bootstrap Fund to Improve DeFi

The crypto trading platform Coinbase has introduced the USDC Bootstrap Fund for the development of Decentralized Finance (DeFi). It aims to support the DeFi protocol developers directly with the USD Coin (USDC) investments.

The main purpose of this fund is to offer more liquidity to DeFi protocols. Coinbase will invest around $2 million USDC in DeFi protocols Compound and dYdX. These two are the first two investments of Coinbase’s USDC Bootstrap Fund. Besides, the firm also named smart contracts among its possible investments. However, the counterparty (borrower or taker) will be responsible for the returns. The counterparty that offers crypto collateral along with interest can gain USDC tokens, the source states.

Earlier in July, the exchange announced to list tezos (XTZ) cryptocurrency on Coinbase Pro. The launch divided into 4 parts including Transfer-only, Post-only, Limit-only, and Full trading. Users are able to deposit XTZ at least 12 hours prior to enabling full trading.

In the same month, it also launched trading signal tools offering customers insights based on the trading activity of its top users. It helps individual investors make more informed decisions in crypto trading. The signals keep track of the median number of days a coin stays in a customer account.