Coinbase Experiments With A Subscription Service To Remove Transaction Costs – CryptoMode

Coinbase is a household name in the world of cryptocurrency exchanges. It is a powerful trading platform that serves millions of users. In addition, the company mulls introducing a subscription service to remove transaction costs and introduce insurance if accounts get hacked. 

Coinbase Takes A New Approach

  • It is good to see centralized crypto exchanges experiment with new ideas to retain clients and attract more people.
  • Coinbase is one of the biggest trading platforms in the industry today.
  • More importantly, the platform is often used by people entering the cryptocurrency space for the first time while making their initial purchases.
  • Introducing a subscription model seems weird on paper, but the benefits can be worthwhile.
  • Subscribers will have all transaction fees removed when moving funds from the exchange.
  • Moreover, they will obtain insurance to protect their account balance in case a theft occurs.
  • Cryptocurrency exchange theft is still prevalent in 2021, and a level of protection can make more people willing to explore this industry. 
  • For now, it appears users can obtain insurance of up to $1 million, although that number is not set in stone. 
  • The subscription will be known as “Coinbase One”.
  • A price has not been announced yet, as the concept is still in private testing.
  • The subscription will not cover spread fees when buying or selling crypto, but it will cover all other fees users pay to Coinbase.
  • Some of the subscription’s details and benefits may change depending on user feedback.
  • It is equally unclear if this is a one-time payment or a recurring subscription and whether users can opt-out at any time.
  • By opting for this product, Coinabse follows the example set by Robinhood and other platforms, all of which removed transaction costs for users. 

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JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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