America’s largest cryptocurrency exchange Coinbase has entered into a partnership with decentralized finance lending protocol MakerDAO to custody a large amount of USDC.
On Oct. 24, Coinbase announced that MakerDAO governance had voted in favor of the proposal to custody $1.6 billion USDC with Coinbase Prime.
This means that Coinbase has expanded its USDC rewards program to an institutional client for the first time, it added. MakerDAO will hold the funds with Coinbase Prime, the firm’s institutional broker, while earning 1.5% on them.MakerDAO community approves our proposal to custody up to $1.6B in USDC with Coinbase Prime. Marks the first time we’ll offer USDC rewards to institutions.
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