Coinbase launches Verified Pools to advance the onchain ecosystem

Coinbase has announced the launch of Verified Pools, which are authorized onchain liquidity pools on Base that bring KYC screening to DeFi. The crypto company states that Verified Pools are just the beginning to advance the onchain ecosystem. 

Coinbase and Verified Pools: institutions can operate onchain with greater security

Coinbase has announced the launch of the new Verified Pools, which are onchain liquidity pools as the foundation of an onchain ecosystem.

Source

“We introduce the Coinbase Verified Pools, a reliable way to trade onchain seamlessly.”

In practice, the new Verified Pools are authorized onchain liquidity pools on Base and bring KYC screening and sanctions natively to DeFi.

Through these pools, the institutions can operate onchain with greater security, becoming the first step to advance the onchain ecosystem. 

Access to such Verified Pools of Coinbase is limited to KYC wallets only and eligible for trading. In this way, the new feature of the crypto company provides greater assurances to all participants.

Coinbase and the Verified Pools: the first five initial ones available in six countries

Coinbase has already announced that initially, five initial pools of Verified Pools will be launched, with more to come in the future. 

These five pools are EURC-USDC, ETH-USDC, cbBTC-USDC, cbBTC-ETH, ETH-cbETH.

Not only that, another characteristic is their availability. Initially, the five pools will be available in six countries. 

The crypto platform emphasizes the importance of its Verified Pools for institutions, given their desire to participate in DeFi but encountering many significant obstacles. These obstacles are related to compliance, counterparty risk, and operational complexity. 

Here is the mission of the Verified Pools: bridging this gap by providing a trusted and compliant venue while at the same time benefiting from a native onchain system. 

After the launch of Verified Pools, Coinbase states that it wants to expand the coverage of assets and trading pairs, also integrating a greater number of DEX aggregators. The expansion of the functionality to other countries is also at stake, along with the expansion of incentives and automated USDC rewards. 

The return to India

Recently, Coinbase announced its return to India, after obtaining registration with the Financial Intelligence Unit (FIU) of the country.

This step becomes significant for the crypto company based in the USA, given that in 2022 it had already made its first attempt to enter the market. Unfortunately, however, in that year, Coinbase had to stop due to resistance from the local authorities. 

Now the situation seems to have changed. Coinbase has confirmed approval to operate in India and its registration with the FIU, which it describes as an important opportunity also for Indian entrepreneurs.