In an announcement on Thursday, Coinbase said it is expanding access to Coinbase One to customers in the U.K, Germany and Ireland. The subscription service offers zero-trading fees and boosted staking rewards to users in exchange for a $29.99 monthly fee.
“We’re committed to expanding access to Coinbase One to even more countries in the coming months, bringing the benefits of crypto to the rest of the world with our international expansion strategy,” said Coinbase.
The service could be rolled out to as many as 35 countries in the coming months, according to an email from a Coinbase spokesperson seen by CoinDesk.
This is the first time the exchange has rolled out the service to the public since it began beta testing it with a small group of users in 2021. Along with the release, Coinbase plans to give out exclusive NFTs to the first members of the service.
3/ For a limited time, Coinbase One members can claim this exclusive Founding Member NFT.
Sign up for your free trial before next Thursday, May 25 at 9am PT and access the mint on your homepage within 20 minutes! Pro tip: make sure you have the latest version of the app 💫 pic.twitter.com/YEKA4BMYQZ
— Coinbase 🛡️ (@coinbase) May 18, 2023
The zero-fee trading model will likely be a welcome development for larger traders who have criticized Coinbase’s higher fees relative to other exchanges. For Coinbase, the pivot towards more subscription-based revenues could be key to countering the effects of lower profit margins during periods when trading volumes decline.
“I’d like to get to a place where more than 50% of our revenue is from subscriptions and services,” said Coinbase CEO Brian Armstrong in an August interview with CNBC.