Coinbase Is Working On A New Subscription Service
Leading cryptocurrency exchange Coinbase is currently testing a new subscription-based service that would give users access to enhanced features. Called Coinbase One, the subscription product is set to be offered to a small number of users to start.
The service will come with numerous benefits, including zero-fee trading and prioritized phone support even on holidays and weekends. The subscription service is expected to help Coinbase diversify its retail business, which generates most of its revenue from transaction fees. However, it is still unclear how much Coinbase will charge for the new service.
The cryptocurrency exchange is also working on adding extra security features to its platforms. Coinbase said, "If any funds in your Coinbase account are stolen by someone you don't know due to an account takeover, you may be eligible for a reimbursement of up to $1 million in losses."
A spokesperson for the crypto exchange added that "Coinbase has started testing a subscription product for our customers. Customers in the test group will have the ability to buy, sell, and convert digital currencies on the Coinbase platform without a Coinbase fee for each trade (spread fees still apply). We're always looking to learn more about how we can best serve our customers in different ways. Right now, we are still in early stages, so everything about the future product experience will be shaped by the feedback we receive from our users."
Coinbase has been one of the leading cryptocurrency exchanges in the world in terms of trading volume for the past few years. It became a publicly-listed company in April 2021 and recently expanded its business to enter the NFT space. Coinbase intends to provide more services to its clients over the coming months and years as the cryptocurrency space continues to grow.