Coinbase Launches a New Subscription Service in 35 Nations
- Coinbase has focused on expanding its services to Europe amidst a growing rift with US regulators.
- The exchange recently denied planning to relocate from the US, as widely speculated.
US-based crypto exchange Coinbase is introducing its subscription service, Coinbase One, in 35 countries in an effort to maintain its customer base and increase its income streams. Initially released in beta in the fall of 2021, Coinbase One will now be accessible to the general public in the United States, the United Kingdom, Germany, and Ireland.
However, Coinbase, in its announcement, said the service will be expanded to more European countries in the coming months. Coinbase plans to extend the service to markets in Denmark, Norway, the Netherlands, Poland, Belgium, Portugal, Sweden, Austria, and the Czech Republic.
According to Phil McDonnell, senior director of product management at Coinbase, the subscription service comes with a number of benefits like pre-filled tax return paperwork, increased staking rewards, no trading fees, and 24/7 customer support.
The removal of trading fees for subscribers would come as a surprise to many, as Coinbase raked in huge profits from trading fees during the bear market. It appears that the exchange is considering alternative sources of revenue and expanding its services.
Explaining the decision, McDonnell said,
Maybe 18 months ago, it was very transactional. People come in, trade, pay a fee, and that is the relationship. Through the bull market 18 months to two years ago, there was tons of growth, but we wanted customers to stay […] That was the inspiration. How do we build a longer, deeper relationship with our customers and make it a win-win?”
Coinbase has set its sights on expanding its presence in Europe amidst growing tensions with US regulators. McDonnell explained that “Europe is a large market for crypto, and they’re pretty engaged [users] overall. So we’re really investing there and going deep in those markets.”
Coinbase is collaborating with cryptocurrency firms including Lemonade, Messari, Blockworks, CoinTracker, and Alto IRA to provide more perks as part of the subscription service.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
