Coinbase, a prominent crypto exchange in the world of crypto, has started a new reward program for its users. According to this program, users who hold USDC stablecoin will earn 1.25% reward on every USDC coin.
The original source of the news is the blog where Coinbase has stated to its community about the initiative that they are going to make happen. It is a very uncommon exercise that Coinbase has decided to benefit its users and customers.
Reward on Every Single Coin
It is reported that holders will earn without any limit they hold the assets on the platform. And users will be able to earn whether they hold one coin or a pile of coins and the distribution will take place every month.
The tweet posted by the official account of exchange unveiled briefly about its new project based on rewards.
Starting today, eligible US customers will earn 1.25% APY rewards on every USD Coin held on Coinbase.
The Exchange has no Right to Use any USDC
They have also informed through an official document that Coinbase is impartial in this whole process and will not lend or use the digital coins for any other purpose. Since the Binance, the largest exchange by volume, recently launched a lending program but Coinbase has not any motive behind it and doesn’t have any benefit for the company.
Coinbase does not lend or manage your USD Coins. Your crypto is yours and always stays in your account. You simply earn while storing your crypto safely on Coinbase… Coinbase has no right to use any USDC you hold on Coinbase.
The Program has some Intention
This effort on the part of the firm is only for the purpose to make people familiar with the usage of cryptocurrency. They chose the stablecoin USDC because it is considered a safe digital asset.
Save where you trade. It takes four to five days to transfer between your bank and typical crypto brokerages, when you want to switch between saving and trading. Now you can do both in the same place on Coinbase, instantly.
With every big news or change there always came the harsh criticism from the community. Some analysts are saying that the interest rate is not very large when compared to other contemporary companies. It is only offering 1.25% APY while one the other hand, NerdWallet is offering 2% APY.
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