Fiat interest
Boost users' savings by providing interest on cash held at Coinbase
Offering competitive interest rates on cash held at Coinbase would incentivize users to save more, driving higher deposits and, ultimately, revenue growth. These interest-earning funds could seamlessly be used to purchase cryptocurrencies, enhancing user engagement and platform stickiness.
Role
Product design lead
Industries
Crypto, finance
Date
June 2024
UK users are withdrawing fiat balances due to higher interest rates offered by local fintechs and banks—up to 5.2%, driven by the 5.25% Bank of England base rate. As a result, Coinbase users have little incentive to keep fiat on the platform. Most UK fintechs offer FSCS protection on deposits up to £85,000, unlike Coinbase, which currently doesn't provide FSCS coverage for UK customers.
Thus, the problem statement
HMW reward users for keeping fiat on platform while protecting those assets in parallel.
Detailed screens
Various design directions were explored based on user needs and the constraints set by our banking partner.
View detailed case study
View detailed case study
Usability testing yielded positive results, prompting us to refine the solution to better align with user expectations around security and tax calculations. The project has now been handed over to engineering for final implementation and launch.