Hey, look at that; Coinbase pulled its subscription service, Coinbase One, out of beta. TechDigiPro reports the program is available in the US, UK, Germany and Ireland, with plans to roll out to 31 more countries in the coming months. Coinbase Senior Director of Product Management Phil McDonnell said technology, “Maybe 18 months ago, it was very transactional. People come in, trade, pay a fee, and that was the relationship.”
the subscription it provides benefits like no trading fees (under a per-user trading volume limit), enhanced staking rewards, and more, more than a year and a half after Coinbase began testing it in November 2021. In return, it provides more recurring revenue streams at a time price, the company might need them because the regulatory battles Coinbase is waging are costly.
McDonnell continued: “During the bull market from 18 months to two years ago, there was a lot of growth, but we wanted customers to stick around.” TechDigiPro It notes that Coinbase’s subscription and services revenue saw 138 percent growth in the first quarter of this year, earning $361.7 million, compared to $152 million a year earlier.
Coinbase is struggling with a weaker crypto market that, after the past few years, has fewer active traders, as well as an investigation by the US Securities and Exchange Commission into alleged violations of securities law. In January, the New York State Department of Financial Services (NYDFS) fined the company $50 million for violating anti-money laundering laws, in addition to being required to spend other 50 million dollars in compliance.