December 5, 2023

CEO Coinbase: DeFi Market Growth Exponential

As part of the AMA (Ask Me Anything), the head of the American company Coinbase, Brian Armstrong, noted:that the growth of DeFi decentralized finance is becoming exponential.

According to Armstrong and Coinbase Custody CEO Sam Mackingale, DeFi services are gaining in popularity despite the still-relevant Ethereum scaling problems.

DeFi sector growth can be measured by the amount of ETH blocked in the ecosystem. During the year, this segment grew by more than 3 times - from ~ 900 thousand ETH to ~ 3.3 million ETH ($ 599 million).

CEO Coinbase: DeFi Market Growth Exponential

Landing Defi services Maker and DAO are most popular. Data: DeFi Pulse

Brendan Foster, co-founder of the Dharma crypto-leasing platform, believes that the advantages of DeFi-applications are their decentralized nature, lack of intermediaries and uncensored censorship.

“DeFi is more global, more accessible and more transparent than traditional financial services.”- emphasized Foster.

In September, Coinbase announced the creation of the USDC Bootstrap Fund to support DeFi protocols.

Also earlier, ForkLog reported that Coinbase will accrue 1.25% per annum on deposits in the dollar-linked stablecoin USDC.