Coinbase Launches DAI Rewards For Customers

Coinbase Launches DAI Rewards For Customers

Coinbase has recently launched an additional way for a lot of its users to earn cryptocurrency rewards, this time in the form of DAI. For the first time, customers in the USA, UK, Netherlands, Spain, France, and Australia will be able to earn DAI rewards with a 2% APY (annual percentage yield). This means that if you are a Coinbase customer and you live or are a citizen of one of these jurisdictions, you will be able to earn 2% interest per year for all the DAI that is being held on your Coinbase account.

This is not the first stablecoin reward offering from Coinbase, as last year they started offering stablecoin rewards to all American USD Coin (USDC) holders that kept their coins stored on Coinbase. Stablecoins such as DAI aim to keep their value stable, usually by maintaining a peg to a third party asset, such as the US Dollar. They offer a lot of the benefits that people want to utilize through blockchain technology without the additional volatility seen in most cryptocurrencies in this new and emerging market. The usefulness and value in stablecoins has driven this sector of the cryptocurrency market to grow to a market cap of over $12 billion.

To get started receiving your Dai rewards, all you have to do (assuming you are eligible) is deposit a minimum of $1 worth of DAI into your Coinbase account. Once you have the minimum amount deposited, you will start receiving your first DAI reward after five business days, with rewards being distributed every other day after this. With this distribution schedule, you will constantly have access to your updated DAI rewards and have the option to continue to hold, trade, or withdrawal them to another account.

Like with all Coinbase wallets, customers always have full control over their funds and they can be withdrawn instantly at any time. To get started, users can purchase DAI directly on the Coinbase marketplace or transfer already owned DAI to their Coinbase wallet. These rewards are only distributed if you hold your DAI on Coinbase, not on your Coinbase Pro wallet, so make sure your DAI is held in the correct wallet if you want to take advantage of this promotion. Even if your account is restricted you will be able to earn rewards as long as your DAI is in your wallet, you just not be able to access them until after the restriction is lifted.

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