Coinbase Said To Be Testing Zero-Fees Trading Of Bitcoin, Ethereum, Dogecoin

Benzinga2022-03-14

Major cryptocurrency exchange Coinbase Global Inc(NASDAQ: COIN) is testing out a new subscription product that lets users exchange digital assets without trading fees, according to a Blockworks report.

What Happened: Coinbase One, already in its beta launch, will let users trade cryptocurrencies such as Bitcoin(CRYPTO: BTC), Ethereum(CRYPTO: ETH), and Dogecoin(CRYPTO: DOGE) with zero trading fees, according to the report, citing the exchange.

Users would also have $1 million in account protection and access to 24/7 direct phone support with a Coinbase One beta team member.

Coinbase did not immediately respond to a request for comment.

Why It Matters:Transaction revenue from trading fees has historically made up the lion’s share of Coinbase’s revenue, according to CFO Alesia Haas. In the fourth quarter, the cryptocurrency exchange generated $2.2 billion in revenue from transaction fees alone.

“We're taking steps to diversify this revenue and also grow our non-transaction revenue streams,” said Haas, during Coinbase’s Q4 earnings call.

“We generated more than $500 million of subscription and services revenues this year, including $214 million in the fourth quarter. This was a 10x increase from 2020.”

Coinbase One users will not be reimbursed for previous trading fees and would be charged a monthly recurring payment. A spokesperson for the cryptocurrency exchange declined to reveal the price of the product.

Price Action:Coinbase shares closed 7.46% lower on Friday at $160.07.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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LengLeng
2022-03-14
LengLeng
Ok
rayjs
2022-03-14
rayjs
Aaa
xiaojn
2022-03-14
xiaojn
Ok
J1000
2022-03-14
J1000
K
Adren
2022-03-14
Adren
Ok

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