MakerDAO partners with Coinbase to custody $1.6 billion USDC
Join Our Telegram channel to stay up to date on breaking news coverage The largest cryptocurrency exchange in the US, Coinbase, has announced a partnership with MakerDAO governance. This partnership was enabled by a proposal passed by the MakerDAO governance to custody $1.6 billion in the USDC stablecoin with Coinbase Prime. MakerDAO partners with Coinbase It will be the first time Coinbase will extend the USDC rewards program to an institutional client. The exchange has said that MakerDAO will custody the funds on Coinbase Prime, and it will earn a 1.5% interest on the holdings. This proposal was passed by 75% of the votes, equating to 109,944 MKR tokens. MakerDAO is now the largest holder of USDC. USDC is one of the largest stablecoins , and over the years, it has increased its market share. The growth and business development head at MakerDAO, Jennifer Senhaji, said that the monthly revenues generated through this deal would support Maker in advancing its overarching mis...