Coinbase One Opens Subscriptions For Fee-Free Trades

It also offers dedicated support, $1M in account protection, and pre-filled tax forms for subscribers

May 18, 2023 11:55 am

Iryna Budanova/Shutterstock, modified by Blockworks

Coinbase is launching Coinbase One in 35 countries, including the US and the UK.

The first batch of countries also includes Germany and Ireland.

The subscription offers a variety of features – from zero trading charges, to pre-filled tax return document Form 8949 and access to customer support 24/7.

According to its website, Coinbase will also offer $1 million in account protections.

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Coinbase had previously rolled out fee-free trading last March, as part of the beta launch.

Coinbase One retains the beta price of $29.99 a month and will include additional benefits in time. According to a blog post, soon Coinbase One subscribers will get 20% off tickets to Blockworks’ Permissionless II taking place in September.

The service will launch in 31 countries in the coming months, although an exact timeline is not yet known.

The switch to subscriptions comes after Coinbase struggled to maintain trading fees, which used to be its main source of revenue.

The company, which reported earnings in early May, noted that the subscriptions and services revenue totaled $362 million, which was a 28% quarter-over-quarter rise from 2022’s fourth quarter.

“The balance in their business lines is testament to the potential power of the momentum of what the firm is trying to build,” Dan Weiskopf, a co-portfolio manager of the Amplify Transformational Data Sharing ETF (BLOK), previously told Blockworks following the company’s most recent earnings.

The company’s moves to a subscription offering also come as it faces off against the SEC after the commission served Coinbase with a Wells notice in March of this year.

A court forced the SEC to respond to Coinbase, to which the SEC responded that “mere months have passed since Coinbase’s petition was filed and even less time has elapsed since Coinbase supplemented the record.”

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