Coinbase which is one of the top cryptocurrency exchanges in the world has taken the world by storm with its recent announcement. It plans on launching the zero-trading-fee subscription service.
The crypto exchange plans on rolling out this subscription service in close to 35 countries. However, it would only customers in the UK, Ireland, and Germany to access its new services known as the “Coinbase One.”
According to the announcement made by the company, the new service aims to offer features like amplified staking rewards, zero-fee trading, and exclusive benefits via partnerships with key players in the industry, such as CoinTracker Messari with a small charge of around $30.
Additionally, Coinbase also aims to collaborate with renowned names like the Alto IRA (Individual Retirement Account), to offer additional benefits to its customers.
Features That You Can Get from Coinbase One
Although Coinbase is a pioneer in the crypto trading industry and made a respectable name for itself, it continues to see growing competition in the market. As a result, the company aims to set itself apart from others by providing them with something unique.
That is where Coinbase One comes into play. This service aims to provide users with a wide range of features that will give them a streamlined experience when trading crypto.
Coinbase also revealed that it would give users access to a dedicated customer service department that is available around the clock. Users may call this team for help and will promptly obtain guidance for any technical problems they may experience with their accounts.
Additionally, the most recent subscription service will provide the convenience of a pre-filled tax Form 8949 to United States subscribers, making the procedure of submitting cryptocurrency taxes easier by dynamically arranging their transactions.
Launching the Coinbase International Exchange
Apart from Coinbase One, the platform has also recently launched a dynamic new institutional platform known as the Coinbase International Exchange. The company announced the launching of this platform in a post on its social media accounts on 2nd May.
The primary purpose of this new institutional platform is particularly designed for users to help them with trading crypto derivatives. As a result, they can explore the potential opportunities available in other markets.
In response to the ongoing regulatory and legislative difficulties the exchange continues to experience in the US, Coinbase has made a tactical choice to expand its operations overseas by launching a global platform.
Crypto exchanges and firms are under heat due to the continuous crackdown by the U.S. authorities. Brian Armstrong, the CEO of Coinbase, has told consumers that he is still “100% dedicated” to the U.S. marketplace amid the company’s efforts to grow worldwide.
Wide Range of Benefits from the New Platform
The subscription service includes several new features that are meant to improve the user experience. These consist of the abolition of trading fees, increased staking incentives, 24/7 customer service, and the ease of pre-filed tax return paperwork.
Phil McDonnell, senior director of product management at Coinbase, claims that these extra features are intended to foster a more enduring and productive connection with consumers, resulting in a scenario where everyone wins.
Trading fees have historically been a major source of income for Coinbase, especially during optimistic market times. Nevertheless, the corporation is aware of the value of diversifying and expanding its revenue sources.
Therefore, it is now looking into new growth opportunities in light of the protracted crypto winter. The exchange’s news subscription service, Coinbase One, is a recent initiative by the company to diversify its income sources. It plans on launching various such products in the long run.