Katherine Ross

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.&nbsp;



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



Coinbase One retains the beta price of $29.99 a month and will include additional benefits in time. According to a <a href="https://www.coinbase.com/blog/new-updates-to-coinbase-one-zero-trading-fees-boosted-staking-rewards-and">blog</a> post, soon Coinbase One subscribers will get 20% off tickets to Blockworks’ <a href="https://blockworks.co/event/permissionless-2023">Permissionless II</a> 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 <a href="https://help.coinbase.com/en/coinbase/other-topics/coinbase-one/account">subscriptions</a> comes after Coinbase struggled to maintain trading fees, which used to be its main source of revenue.&nbsp;



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), <a href="https://blockworks.co/news/coinbase-q1-stats-stand-out" target="_blank" rel="noreferrer noopener">previously told Blockworks</a> following the company’s most recent earnings.&nbsp;



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.&nbsp;



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.”



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>
</ul>

Coinbase

Coinbase One Opens Subscriptions For Fee-Free Trades

Casey Wagner

<div id="highlights-block_62b38f985cd7d" class="highlights">
 <ul>
 <li>Binance.US has plans to add other tokens to the no-fee list going forward</li>
 <li>Binance.US, unlike crypto and equities trading platform Robinhood, does not earn a spread on no-fee transactions</li>
 </ul>
 
</div>



The American arm of <a href="https://cms.blockworks.co/binance-looks-to-settle-on-ireland-as-global-headquarters/" target="_blank" rel="noreferrer noopener">headquarter-less</a> crypto exchange Binance now offers zero-fee trading on four bitcoin spot market pairs and has plans to add other tokens to the no-fee list in the future. 



“Bitcoin was the original cryptocurrency, is the most widely known and recognized digital asset, has the largest market capitalization of any token, and has long been the first purchase of new entrants into the crypto ecosystem,” a Binance.US spokesperson told Blockworks. “With this move, Binance.US is unquestionably the best place for bitcoin investors in the United States.”&nbsp;



Binance.US, unlike crypto and equities trading platform Robinhood, does not earn a spread on no-fee transactions, Binance.US’s spokesperson said.&nbsp;



“BTC is just one of more than 100 tokens listed on our platform and spot trading is just one service we offer our customers,” the spokesperson said. “We continue to roll out new products and services, such as staking earlier this month.”&nbsp;



The move puts pressure on other crypto exchanges to follow suit, industry members said.&nbsp;



“Although great for consumers, an exchange fee war may begin between the major US exchanges… and further reduce exchange profits for these exchanges in a low-volume bear market,” said Josh Olszewicz, head of research at crypto fund manager Valkyrie Investments. “In a crowded and competitive market, with significant retail trading volume, reducing fees is one way to stand out and attract new consumers.”



Coinbase recently <a href="https://cms.blockworks.co/coinbase-rolls-out-test-of-no-fee-trading/" target="_blank" rel="noreferrer noopener">rolled out</a> a subscription service to select users that allows for zero-fee transactions, but a volume limit is in place. The limit can be found in users’ individual settings on the Coinbase platform, the exchange <a href="https://help.coinbase.com/en/coinbase/other-topics/coinbase-one/account" target="_blank" rel="noreferrer noopener">said</a>. The subscription also comes with a $1 million account protection guarantee. 



Coinbase does not list the price of its subscription service publically, but some users have reported a fee of $29.99 per month. Coinbase’s fee structure varies based on the type of transaction, volatility and liquidity, the exchange <a href="https://help.coinbase.com/en/coinbase/trading-and-funding/pricing-and-fees/fees" target="_blank" rel="noreferrer noopener">said</a>. 



“We hope our pricing model sees broader industry adoption over time, as that would have a positive impact on the ecosystem and market participants overall,” Binance.US’ spokesperson said. “We are happy to lead the race to zero-fees everywhere.”



Binance.US is currently available in <a href="https://cms.blockworks.co/binance-us-sets-end-of-year-deadline-for-us-wide-availability/" target="_blank" rel="noreferrer noopener">46 US states</a>. Residents of Hawaii, New York, Texas and Vermont will have to wait to access Binance.US services, but a company spokesperson said this might not be the case for much longer. 



“The timelines vary for each state, but we are engaged in active and productive discussions with state regulators,” the spokesperson said. “Our goal is to demonstrate our compliance-first mindset and secure the remaining licenses so we can provide our services in all 50 states by the end of the year.”



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>
</ul>

zero-fee trading

Newsletter

Blockworks Research