Coinbase One Subscriptions Launch As Crypto Firm Takes On SEC

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Hey, look at this; Coinbase has taken its subscription service, Coinbase One, out of beta. TechCrunch reports that the program is available in the US, UK, Germany and Ireland, with plans to roll out to 31 more countries in the coming months. Coinbases Senior Director of Product Management Phil McDonnell told TechCrunch: Maybe 18 months ago it was very transactional. People come in, trade, pay fees, and that was the relationship.

Membership brings benefits such as no trading fees (under a trading volume limit per user), increased staking rewards, and more, more than a year and a half after Coinbase began test it in November 2021. In exchange, it brings more recurring revenue streams. at some point, the company might need it because the regulatory battles being fought by Coinbase are expensive.

McDonnell continued, During the bull market from 18 months to two years ago, there was tons of growth, but we wanted customers to stay. TechCrunch notes that revenue from Coinbase subscriptions and services grew 138% in the first quarter of this year, earning $361.7 million, compared to $152 million the previous year.

Coinbase is grappling with a weaker crypto market that after a few years has fewer active traders as well as an investigation by the United States Securities and Exchange Commission into alleged violations of securities law. In January, the company was fined $50 million by the New York State Department of Financial Services (NYDFS) for violating anti-money laundering laws, as well as being ordered to spend $50 million more to comply.

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