Leading cryptocurrency exchange Coinbase is reportedly testing a new subscription service, which gives users access to additional features, such as zero-fee trading and priority customer support. The new product is named Coinbase One and presents the opportunity for the publicly traded exchange to diversify its income stream, which is currently almost exclusively based on trading fees.
Key takeaways:
- According to the cryptocurrency news site The Block, the new feature is currently limited to a small number of test group users. It is not yet known how much Counbase intends to charge for the new service.
- In addition to trades with no fees and priority customer support accessible around the clock, even on weekends, Coinbase One also brings added account security measures.
- Per the exchange’s notes, victims of an account takeover will be eligible to receive up to $1 million in reimbursements.
- Costumers in the test group pay no fees for each trade; however, they still have to pay fees on spread trades, which are usually executed with options or futures contracts.
- During the pilot program’s duration, Coinbase will collect feedback from a select number of users and tailor features and pricing of the new feature according to user needs and wants.
- According to Coinbase CFO Alesia Haas, the exchange is looking to expand its offering beyond traditional cryptocurrency investing to accommodate users’ needs who are becoming increasingly more involved with products such as “staking, earning, and borrowing/lending.”
