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Users will be able to earn interest on theircryptocurrencies by lending them to a finance app called Compound. The program isn't currently available to US users after the company got into trouble with the SEC.
Customers in over 70 countries will be able to lend their Dai, a stable coin whose value is tied to the US dollar, to borrowers from within its app. The process uses a protocol called Compound, which pools money from borrowers and then collects interest from them. It makes the system more user-friendly, as it usually involves receiving multiple token when you make a deposit and paying transaction fees whenever you take it out.
You will be able to start earning interest with a few taps.
Gif of a coin.
The program is similar to the one that the company canceled in September after the SEC threatened to file a lawsuit. Users would have been able to earn interest onUSDC, another stable coin, if they had lent it to Coinbase instead of an outside protocol.
The company isn't making any guarantees with this new program, but it promised that you'd get whatever money you put into Lend back. It also warns users that losses are possible and that the interest rates are variable.
