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What is Compound and how does it work with Coinbase?

avatarRichard AndemNov 27, 2021 · 3 years ago1 answers

Can you explain what Compound is and how it works with Coinbase? I've heard about it but I'm not sure how it all fits together.

What is Compound and how does it work with Coinbase?
Compound
Coinbase
Cryptocurrency

1 answers

  • avatarNov 27, 2021 · 3 years ago
    Compound is a DeFi protocol that enables users to earn interest on their cryptocurrencies by lending them out. It works with Coinbase through an integration that allows Coinbase users to deposit supported cryptocurrencies into Compound and earn interest on them. This is a great way for Coinbase users to put their idle crypto assets to work and earn passive income. By participating in Compound, users can benefit from the high interest rates offered by the protocol and diversify their investment strategy. It's important to note that while Compound is a reputable platform, users should always do their own research and understand the risks involved before participating in any DeFi activities.

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