Coinbase introduces new 4% APY crypto savings accounts

Movus/iStock Editorial via Getty Images Coinbase (([[COIN]] +3.0%)) debuts a crypto retail savings account with a 4% annual percentage yield on USD Coin deposits from verified borrowers, per Coindesk. COIN shares fell after the catalyst release, but it's still up 2.8% from yesterday. Other cryptocurrency lenders offer ~8% yields, which is double what Coinbase offers because it doesn't lend to "unidentified third parties," said Thorsten Jaeckel, senior product manager at Coinbase. On Monday, Compound Labs announced the creation of Compound Treasury which is also a USDC-based vehicle, according to Coindesk. Pre-enrollment for the product is now eligible for U.S. customers except Hawaii and New York. Bitcoin (BTC-USD) is up 5% to $36.2K as Cathie Wood wants to start a Bitcoin ETF. Cathie Wood has a $500K price target for Bitcoin and her ARK funds recently bought shares of Grayscale Bitcoin Trust (([[GBTC]] +5.6%)) and Coinbase.