News

Coinbase Invested 1.1 million USDC in Uniswap and PoolTogether

The largest U.S. crypto company Coinbase has invested USD 1.1 million Coin (USDC) in the non-custodial exchange Uniswap and a decentralized lottery service PoolTogether.

John Williams

Apr 2, 2020 — 1 min read

The largest U.S. crypto company Coinbase has invested USD 1.1 million Coin (USDC) in the non-custodial exchange Uniswap and a decentralized lottery service PoolTogether.

In particular, 1 million USD Coin was invested in the liquidity pool of the USDC/ETH Uniswap service. The remaining 100,000 USDC were invested in the Compound-based PoolTogether lottery to increase user rewards.

The funds were invested through the Bootstrap Fund, created by Coinbase in September 2019, which specializes in supporting projects from the field of decentralized finance (DeFi). Also last Autumn, the U.S. company invested a million dollars in DeFi- service Compound and trading protocol dYdX.

According to DeFi Pulse, the total value of Ethereum blocked on smart contracts of financial applications is $643 million.

It should be noted that in February this figure exceeded $1 billion. It is possible that the decline in the figure is more due to a sharp drop in the price of Ethereum than to a decline in activity of users of DeFi applications.

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Morpho Co-Founder Predicts Fintech Firms Will Adopt DeFi Lending Within Three Years

Growing Crypto Demand Could Push India Toward Regulatory Reform

MultiBank Group to List $MBG Token on Gate.io and MEXC During Official Token Generation Event

GSR Leads $100M Private Placement into Nasdaq-listed MEI Pharma to Launch First Institutional Litecoin Treasury Strategy Alongside Charlie Lee