Coinbase has unveiled a new subscription service called “Coinbase One”, which enables users to pay a monthly fee in order to receive reduced trading costs.
Initially introduced in the United States through a beta program, Coinbase One has now been officially launched in the UK, Ireland, and Germany with plans to extend its availability to 35 countries.
The subscription service, available for a monthly fee of $29.99, is aimed at frequent traders seeking to execute trades on a wide range of assets without incurring transaction fees. Additionally, Coinbase One is designed to assist long-term investors in maximizing their engagement with the crypto economy.
According to Phil McDonnell, senior director of product management at Coinbase, the subscription service provides a range of features that include zero trading fees, increased staking rewards, and round-the-clock customer support. Furthermore, for members in the United States, Coinbase One will offer the convenience of a pre-filled tax Form 8949. This feature simplifies the process of filing cryptocurrency taxes by automatically organizing their transactions, making it more convenient for users.
“For frequent traders, Coinbase One offers members opportunities to execute more trades on hundreds of assets without worrying about trading fees on every transaction. For long-term investors, Coinbase One allows members to get the most out of the cryptoeconomy and all that Coinbase has to offer. With lower commissions for staking ADA, ATOM, SOL, and XTZ, as well as exclusive rewards throughout the year, members are able to earn more from their crypto without added fees,” it added in a blog post.
In addition to its existing features, Coinbase intends to forge partnerships with various collaborators to offer additional benefits to Coinbase One members. These partners include Alto IRA, which specializes in Individual Retirement Accounts, Blockworks’ Permissionless platform, and Lemonade. These collaborations aim to enhance the value proposition of Coinbase One by providing members with access to a broader range of services and opportunities within the cryptocurrency ecosystem.
Coinbase’s approach appears to be yielding positive results, as evidenced by its remarkable revenue growth in the subscription and services segment. In the first quarter of 2023, subscription and services revenue surged by an impressive 138%, reaching $361.7 million, compared to $152 million in the same period the previous year. Also in 2022, subscription and services revenues skyrocketed by over 17 times, soaring to $793 million from less than $50 million in 2020.
