Coinbase Launches Beta-Subscription Plan

Coinbase (NASDAQ: COIN) is trialing a new subscription service, the company stated. The move comes with the popular cryptocurrency exchange succumbing to rising market competition. 

Coinbase One

A limited number of Coinbase customers will be able to buy, sell, and convert digital currencies on the platform without a fee. Spread fees still apply, according to The Block, which first reported the news. 

The new service, being called Coinbase One, will enable subscribers to apply for limited reimbursement of funds. This protection is available in case of account takeovers or the likes of such – bringing justifiable financial peace of mind to account holders.

Further enhancing customer experience, subscribers will be able to benefit from prioritized 365-day phone support.

Money Matters

In canceling fees per trade, this new paid subscription plan is a bold move towards revenue diversification and an attempt by Coinbase to mirror recent competitor successes. COIN is expected to show a decline in revenue in its upcoming 3rd quarter financial earnings report. Analysts attribute this to stiff competition that already offers commission-free trading and their growing client base.  

To Fee or Not to Fee

Whether or not this test subscription plan is actually launched to all Coinbase cryptocurrency traders is still to be seen. As noted by Coinbase, “Right now we are still in early stages of everything about the future product experience will be shaped by the feedback we receive from our users.” 

Sources

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Word-smithing keeps me fresh while living for my fam, dog, and plants. Big fan of all things cheese and beer. With a keep it simple mantra, I prefer time outdoors and far from all things tech. Kind of ironic, ah?

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