Major cryptocurrency exchange Coinbase started a countdown three days ago. The count, which caused different interpretations, ended today and the exchange announced ‘Coinbase One’. In this context, the exchange launched its subscription service focused on expanding to Europe. The exchange will launch Coinbase One in 35 countries, starting with the US, UK, Germany, and Ireland.
Coinbase countdown is over: ‘Coinbase One’ is out
As we reported as Kriptokoin.com, Coinbase, the world’s second largest crypto exchange, started a countdown three days ago. The countdown, which attracts everyone’s curiosity and is interpreted differently, has finally come to an end today. The cryptocurrency exchange announced ‘Coinbase One’ when the countdown is over. The exchange wants to retain users and grow recurring revenue streams as the crypto economy struggles in the bearish market. In line with this, Coinbase is launching its subscription service called One in 35 countries.
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— Coinbase 🛡️ (@coinbase) May 18, 2023
Coinbase One was first introduced in beta in the fall of 2021, according to the company’s statement. It will be open to the public in the US, UK, Germany and Ireland from today. The company will launch the service in 31 other European countries in the coming months.
What will be the features of the new product?
According to Phil McDonnell, senior director of product management at the exchange, the subscription service offers a number of features such as no transaction fees, higher stake rewards, 24/7 customer support, and pre-filled tax refund documents. In the past, most of Coinbase’s revenues came from trading fees, especially during the bull market. But as the crypto winter continues, the company is looking into other areas to drive growth and diversify its revenue streams. In this context, McDonnell made the following statement:
Maybe 18 months ago, this was very functional. People come, trade, pay a fee, and that was the relationship. There was tons of growth during the bull market 18 months to two years ago. But we wanted the customers to stay… That was our inspiration. How can we build a longer, deeper relationship with our customers and make it a win-win?
Coinbase boosts subscription and services revenue this year
This strategy seems to be working, at least for now. The exchange’s subscription and service revenues rose by 138% to $361.7 million in the first quarter of 2023, from $152 million the previous year. According to the company’s Q4 2022 shareholder letter, overall subscription and services revenues increased from less than $50 million in 2020 to more than 17-fold to $793 million in 2022.
McDonnell says, “We do a trade with zero fees to adjust it so that customers win. However, we think we will win in the long run.” Also, McDonnell said that Coinbase is particularly focused on expanding its presence in Europe.
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