Borrow crypto with safety in cryptoasset - With Coinbase

in steemleo •  6 months ago 

I like to try new things and this week I tried to borrow crypto by put some of my ETH like the safety for the loan.
I know it has been able to do for a long time - BUT not with in Coinbase and this EASY way. Just love it !!

  1. Download Coinbase Wallet
  2. Connect wallet to your account
  3. Choose how much ETH you want to lock (I took 100 USD)
  4. Choose amount of DAI you want (You can take DAI for 100 USD if you lock ETH for 150 USD)
    I like to play a little more safe and took DAI for 50 USD
  5. Swap it to ETH, BTC of anything you want
    First you transfer from wallet to you Coinbase account. Then you can do the swap to any crypto. I did to ETH. Now I can invest it, buy Steemmonsters for it or just give it to a friend. OR (but this is scary) use it as safety for next loan....

For this I pay 20% in a year so about 1,8%/month.

So the good way is
Make a loan - invest in some crypto - Theese crypto goes up 10% - Sell them - Pay back the loan
Now you did get a profit without selling your ordinariy coins.

Higher risk - But I like it !

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I'm thinking of investing in NEXO, it seems that out of all the loan platforms it's the only one with "legal" legs to walk, still not sure though, atm I'm more focused on VET and BTC... Still need to look into DAI.

I Think DAI is absolutely legit.
You can learn more about the funktion in coinbase Earn program.
I trust coinbase and what the recomend to the users.
I like the decentalization of DAI.
Thanks for comming by and comment

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