Coinbase (Nasdaq: COIN) has rolled out a zero-fee subscription service, Coinbase One, allowing users to trade cryptocurrency at a zero fee and receive higher staking rewards.
A Subscription Model of Coinbase
The $29.99-a-month service has been opened for users in the United States, as well as the United Kingdom, Germany, and Ireland. Initially, Coinbase launched these services in the US in 2021 under a beta program.
"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," Coinbase wrote in a blog post.
Additionally, Coinbase highlighted its plans to expand the service of Coinbase One to more countries in the coming months with its "international expansion strategy." The exchange did not name any of those countries; however, according to Coindesk, it will be an additional 35 countries.
"No matter if you're an active trader or longer-term investor, Coinbase One will continue bringing members the best that Coinbase offers and enable them to save, earn, and do more with their crypto," Coinbase added.
Ongoing Regulatory Tussle
Coinbase is a public cryptocurrency exchange in the United States. Despite the exchange's popularity, it is facing a tussle with regulators. The exchange received a Wells Notice from the Securities and Exchange Commission (SEC) and is expecting an enforcement action. Furthermore, Coinbase sued the SEC for not clarifying its decision-making process around cryptocurrencies.
Meanwhile, Coinbase's CEO, Brian Armstrong, recently said that the crypto regulations in the US are too harsh, and he might consider moving the exchange outside the country. Moreover, the San Francisco-headquartered exchange received a Bermuda license a few days after those comments and also launched an international crypto derivatives exchange.
On top of that, the exchange narrowed its losses significantly in the first quarter of 2023 to $79 million, with total revenue of $773 million, beating market expectations.
This article was written by Arnab Shome at www.financemagnates.com.
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