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Home Blockchain

EOS Launch New DeFi Platform After Coinbase Doles $1M Into Ethereum-Based DeFi

Coinbase Invests $1.1 Million in Uniswap and PoolTogether DeFi Projects

by Khalid Lawal
April 2, 2020
in Blockchain, Business, Cryptocurrency
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The wave of Decentralized Finance (DeFi) or Open Finance movement has been on the increase since its emergence, standing as a dwarf on the shoulder of the giant cryptocurrency to offer brighter promises.

The latest news that Coinbase doled $1.1 million in USDC into two DeFi projects on Ethereum was greeted with amusement for the crypto community in general, and here comes the launch of a new DeFi project by EOS.

As related in a report today, EOS Nation, in partnership with on-chain liquidity protocol Bancor, launched a new DeFi platform christened xNation.

xNation aims to let users create and fund a liquidity pool that gives funds back to users. Users get back a proportion of the pool generated fee in relation to the amount of liquidity that was funded.

While addressing the development, the CEO of EOS Nation, Yves La Rose, said he’s excited about the new addition to EOS network, adding that this will bring EOS more investment opportunities, trade volume and liquidity.

“Further increasing liquidity between platforms for these projects,” Rose said.

As another DeFi option on EOS, xNation gives users more flexibility.

Coinbase Invests $1.1 Million in Uniswap and PoolTogether DeFi Projects

Through the USDC Bootstrap Fund, Coinbase has invested a whopping sum of $1.1 million worth of USDC in two renowned Ethereum DeFi platforms, Uniswap and PoolTogether.

“To encourage growth in USDC and DeFi, Coinbase launched the USDC Bootstrap Fund last September with $2MM of initial funding,” Coinbase said in statement.

A sum of $1 million was invested in Uniswap while the remaining $100,000 was contributed to PoolTogether.

“With USDC, we hope to provide critical infrastructure that will enable DeFi to grow and increasingly compete with existing financial products,” Coinbase added.

Uniswap is an Ethereum-based automated market maker platform that makes the launching of liquid exchange for any token easy. PoolTogether is also an Ethereum-based project. It claims to be a “lossless lottery” that lets users deposit DAI and USDC into their various pools.

Tags: coinbaseCoinbase NewsEOSEOS newsEthereum News
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NewsLogical Inc. is a U.S.-centric firm established in 2019 with the aim of providing resourceful and up-to-date cryptocurrency and blockchain information.

Email: info@newslogical.com

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Contents on NewsLogical.com are only for informational purposes and should not be construed as financial or investment advice.

Trading cryptocurrency is considered a high-risk activity that requires technical knowhow because digital currencies are generally volatile.

Contact financial experts for guidance before making any cryptocurrency investment decision.

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