Coinbase reveals its plans to launch a reward program for its users in the U.S. to let them have their money back for every coin in USD they own, the company said in a post on Wednesday.
With this reward by USDC, users will start earning 1.25% of APY on each Coin they own in Coinbase.
Coinbase said in the post,
“USDC Rewards is a way for Coinbase customers to earn a return on USD Coin holdings without having to sell or transact any cryptocurrency.”
USD Coin is the popular stable coin supported by the U.S. conventional currency. Each US Coin is valued at $1 along with being exchangeable for cash. The coin also operates like a cryptocurrency that can be transferred anywhere with zero cost.
“USD Coin maintains its stable price because you can always redeem one USD Coin for one U.S. dollar,” the company said in the post.
“It has both the functional benefits of crypto — you can instantly send it anywhere for free and hold it without a financial intermediary — along with the stability that the US dollar backing provides.”
Coinbase spokesperson also said that,
“We are always exploring new ways to help Coinbase customers grow their crypto wealth. Prior to USD Coin Rewards, we started offering customers a way to earn crypto for learning about new assets through Coinbase Earn. As always, we’re invested in developing products that most benefit our customers and help us build an open financial system.”
More than a billion USD Coins had been launched by the CENTRE, the constitution behind the making of the coin and the one that was founded by Coinbase.
Coinbase said in a blog post,
“It is committed to building the easiest, most trusted crypto investment experience in the world. As crypto adoption continues to spread, it’s our goal to deliver more ways for anyone to legally and securely do more with their crypto, beyond trading.”
The percent rate of rewards remains the same irrespective of a user’s balance. The reward money steed in real-time on the basis of how much one holds, there are no hidden costs.
Coinbase also doesn’t charge to buy USD Coins. The coins are modifiable into other cryptocurrencies or to USD at any given time.
In the month of June, Coinbase launched the Visa debit card in 6 six European nations. The company also debuted has issued a card in England in April. The Card is also reported to be funded by users. Coinbase account balances, lending their customers use the paying ability in-store as well as during online transactions with Bitcoin, Litecoin, Ethereum as well as some more digital tokens.