Crypto exchange Coinbase is expanding its Coinbase One subscription product, which offers zero fees on each trade in return for a $29.99 monthly payment, to the UK, Germany and Ireland.
Coinbase One subscribers also receive 24/7 customer support, boosted staking rewards and introductory offers to crypto data services, the U.S.-based exchange said in a blog post. The company told TechCrunch it plans to launch the service in an additional 31 European countries in the coming months.
For Coinbase, a subscription product offers a predictable income stream over the lumpy revenue that comes from traders diving in and out of fickle crypto markets. The exchange’s subscription and services revenue more than doubled to $362 million in the first quarter of 2023 from the same period a year earlier.
"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?” Phil McDonnell, Coinbase's senior director of product management, told TechCrunch.
Coinbase's international expansion
Coinbase has been attempting to reduce its reliance on its home market following a string of unwelcome moves by U.S. regulators, including a legal spat with the Securities and Exchange Commission. Earlier this month, the company announced plans for an international trading venue for perpetual futures contracts, run out of Bermuda, and this week it unveiled an expansion in Singapore.
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