January 27, 2023

CEO Coinbase: DeFi Market Growth Exponential

In the framework of AMA (Ask Me Anything - “Ask what you want”), 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.