Crypto exchange Coinbase is launching its subscription service Coinbase One in 35 countries in an initiative to retain users and grow revenue streams. The crypto industry is still struggling with the economic effects of the harsh crypto winter and bearish market. The exchange had a significant chunk of revenue from trading fees during the bull run. But given the market’s current condition, it’s only viable to look for other streams.
Coinbase One Subscription Service
The beta version of Coinbase One was launched in the fall of 2021. After intensive testing, it shall be publicly available in the United Kingdom, United States, Germany, Ireland, and a few other countries, from May 18, 2023. At $29.99 monthly, it offers zero trading fees, higher-than-usual staking rewards, 24/7 customer support, and pre-filled tax form 8949.
Joining this service is simple; new users would be given 30-day free access. Users can sign up for Coinbase One from the account setting. Then an avatar must be selected from the upper-right-hand corner of the screen. Specific settings have to be chosen, and it will be done after selecting the Coinbase One tab from the account settings.
Paying for a subscription is also easy; user users can pay via a linked bank account or debit card. In contrast, United States customers can avail of the service of paying by USDC or USDT. But a minimum balance of $100 has to be maintained in the account.
If not required, the subscription can also be paused for a month by going into the Manage Subscription tab in settings. During the pause, the user will not be charged but have access to account protection and 24/7 customer support. However, other benefits would be curtailed.
The service can be reactivated anytime or automatically activated when the pause ends. Users can also easily cancel the subscription if not required.
The facilities available now include a 90-day exclusive crypto market insight, and analytics Messari Pro provides. Upcoming features include a 1% match (up to $100) on the first deposit or rollover and a free AltoIRA account for six months. Also, users will get a 1% match on the first deposit or rollover and 50% off on CryptoIRA fees for half a year.
Other upcoming benefits include 20% off on Permissionless II passes. 6 months free on personal crypto portfolio analytics done by CryptoTracker portfolio Assistant- Enthusiast Tier—finally, 10% off on select unique insurance products, whose availability depends on state and region.
The crypto exchange claims that if a user becomes Coinbase One member before May 25, at 9 am PT, they can have an exclusive Founding Member NFT. But users must sign up before the given deadline and have the latest version of the app.
Coinbase’s subscription and services revenue were hiked by 138% to $361.7 Million in Q1 2023, just $152 Million in Q1 2022. Also, the overall subscription and services revenue was multiplied 17 times in 2022, reaching $793 Million. This number was $50 Million in Q4 2022.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/05/19/coinbase-one-subscription-service-launched-focusing-on-europe/