Cryptocurrency exchange Coinbase has announced a new decentralized finance-focused (DeFi) fund called the USDC Bootstrap Fund.
The main idea of the fund is to support blockchain developers building DeFi protocols by investing USDC directly in the protocol.
The exchange notes that the new fund will provide developers with money reward via smart contracts provided by a counterparty.
"With the Bootstrap Fund, we aim to make it easier for developers to launch their protocol and help them to create healthy, liquid marketplaces by leveraging USDC," said Coinbase product manager Nemil Dalal.
Coinbase also announced its first two investments — in Compound and dYdX.
The exchange has reportedly added 1 million in USDC to Compound, and will also add 1 million in USDC to dYdX.
Compound is a money market protocol, while dYdX is a margin trading protocol and open trading platform for crypto assets.
Earlier iHodl reported that the U.S.-based popular well-known crypto exchange enabled its clients to donate digital assets to the Dorian hurricane victims in the Bahamas.
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