Coinbase tests zero-fee cryptocurrency trading
- Posted on June 9, 2022
Coinbase may be testing a new subscription product that will allow digital assets to be traded without paying transaction fees
The famous cryptocurrency exchange Coinbase Global Inc Coin
According to Blockworks, a new subscription product will be tested that allows users to trade digital assets without transaction fees.
What happened
Coinbase One, already in beta, will allow users to trade cryptocurrencies like Bitcoin (CRYPTO:BTC), Ethereum (CRYPTO:ETH), and Dogecoin (CRYPTO:DOGE) with zero transaction fees. Which exchange was cited.
Users will also receive $1 million in account protection and 24/7 direct phone support from members of the Coinbase One beta team.
Coinbase did not immediately respond to a request for information.
because it matters
According to CFO Alesia Haas, transaction revenue from transaction fees has historically accounted for the majority of Coinbase’s revenue. In the fourth quarter, cryptocurrency exchanges generated $2.2 billion in revenue from transaction fees alone.
“We are taking steps to diversify this revenue and increase our non-trading revenue stream,” Haas said on Coinbase’s fourth-quarter earnings call.
“Our subscription and services revenue has exceeded $500 million this year, including $214 million in the fourth quarter. This represents a 10x increase in revenue compared to 2020.”
Additionally, the lure of commission-free cryptocurrency trading has made brokerage platforms like Robinhood Markets Inc (NASDAQ: HOOD) very popular with retail traders.
Coinbase One users will not receive a refund of the above transaction fees and will be charged a recurring monthly payment. A spokesman for the cryptocurrency exchange declined to disclose the price of the product.
price fluctuation​
On Friday, Coinbase shares closed down 7.46% at $160.07.
Coinbase may be testing a new subscription product that will allow digital assets to be traded without paying transaction feesThe famous cryptocurrency exchange Coinbase Global Inc Coin
According to Blockworks, a new subscription product will be tested that allows users to trade digital assets without transaction fees.
What happened
Coinbase One, already in beta, will allow users to trade cryptocurrencies like Bitcoin (CRYPTO:BTC), Ethereum (CRYPTO:ETH), and Dogecoin (CRYPTO:DOGE) with zero transaction fees. Which exchange was cited.