Crypto exchange giant Coinbase announced on June 10th, 2019 that “Coinbase Earn” has added stablecoin Dai (DAI) in to the program. DAI would be Ethereum blockchain’s first decentralized stablecoin to be added to Earn.
Coinbase made the announcement via a blog post saying that anyone “can start earning DAI by watching lessons and completing quizzes about DAI and its features.” The interesting part about the offer is that DAI is the first stablecoin offered in Coinbase Earn program.
Coinbase’s educational service to which a section to learn about DAI has been added, rewards exchange’s user for learning more about different cryptos, and the section offers an incentive of $6.
Originally, ‘Coinbase Earn’ was launched with “invite-only mode” in December 2018 which gave only a few users an opportunity to earn ZRX as they learn about the currency.
Coinbase officials explained at the time of launch, “Coinbase Earn allows users to earn cryptocurrencies while learning about them in a simple and engaging way. The idea is for users to understand more about an asset’s utility and its underlying technology while getting a bit of the asset to try out.”
The base idea behind this feature was that in each lesson, the user watches a short video after which the user can take part in educational takes like multiple-choice questions against which he/she is rewarded a set amount of cryptocurrencies.
Though Coinbase Earn is currently available in 100+ jurisdictions where the exchange operates, only users who have passed the two levels of KYC and belong to a short list of 19 jurisdictions can join and earn on Coinbase Earn.
The feature, Coinbase Earn, currently only offers the chance to earn 0x (ZRX), Dai (DAI), (Basic Attention Token) BAT, EOS, Zcash (ZEC) and Stellar Lumens (XLM), however, Coinbase plans on extending the list of crypto assets.
Coinbase described its addition of Dai saying, “According to the DAI whitepaper, DAI is a decentralized stablecoin running on Ethereum and designed with a goal of maintaining a target value of approximately $1 USD. DAI is backed by collateral on the Maker (MKR)platform. The relevant whitepapers explain that MKR and DAI tokens form a paired set of assets in which MKR provides governance, and DAI is a decentralized, collateral-backed stablecoin.”
What do you think about Coinbase adding a stablecoin to the exchange’s feature? Let us know in the comments below.