Eligible Dai Holders To Receive Rewards With 2% APY From Coinbase

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • The San Francisco based popular crypto exchange, Coinbase, has introduced a new investment product called DAI Rewards.
  • In the initial stage, it offers around 2% APY (Annual Percentage Yield) to anyone who holds Dai in the Coinbase App.
  • Dai Rewards permits eligible traders and owners to earn rewards by holding Maker DAO’s Dai stablecoin in Coinbase.

The San Francisco based popular crypto exchange, Coinbase, has introduced a new investment product called DAI Rewards. In the initial stage, it offers around 2% APY (Annual Percentage Yield) to anyone who holds Dai in the Coinbase App. This announcement came on Wednesday and also stated that the rate was subjected to change.

Eligibility Criteria for Rewards

Dai Rewards permits eligible traders and owners to earn rewards by holding Maker DAO’s Dai stablecoin in Coinbase. A trader or owner is eligible if:-

  • It resides in a country that can receive Dai rewards.
  • Have a verified and authentic identity.
  • Hold at least $1 worth Dai in the Coinbase Account.

If you are eligible, then you will automatically opt into Dai rewards. The company has mentioned that there is no upper limit to the number of Dai one can hold. The Dai Rewards are currently up for grab in Australia, the United States, France, the United Kingdom, Netherlands, and Spain. However, Hawaii is the only exception.

Distribution of Dai Rewards

Coinbase distributes the distribution of Dai Rewards daily with the eligible members. Traders can trade funds without any restrictions, but the amount of Dai Rewards is directly proportional to the amount of Dai held. Meaning more Dai will lead to more rewards.

However, it should be noted that the rewards are distributed within the first five business days of receiving Dai in the account. You can still get your reward if you have withdrawn your balance before the first payment. The company has also provided users with the facility to opt-out. If you are opt-out, then you will forfeit all earned rewards that have not yet been given out.

The objective of distributing the rewards is to provide the users to earn passive income in today’s time where the government bonds are at a record low. They are also beneficial and have a sense of security as they are not exposed to high volatility.

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