Crypto exchange Coinbase has recently launched its zero-fee subscription service, Coinbase One, for a wider audience, marking a significant development for the platform. Initially undergoing beta testing since 2021, the service has now expanded from the U.S. to include the U.K., Germany, and Ireland, with a subscription fee of $29.99 per month.
Eliminating trading fees might appear to be a major advantage for customers who are looking for a more cost-effective way to trade cryptocurrencies. Alongside the reduced costs, customers can now reap higher staking rewards. However, some may argue that this move could put a dent in the exchange’s revenue sources, making it difficult to balance their books.
One could argue that the international expansion of Coinbase One could potentially increase trading volume and create more profitable opportunities for the exchange. The company has plans to extend its reach to 35 countries, as mentioned in their email to CoinDesk, indicating their desire for global market dominance. Conversely, others might see this as a high risk, considering the continuously evolving regulatory landscape in various countries.
Coinbase’s plans to extend its reach internationally come after CEO Brian Armstrong expressed concern last month about the possibility of moving away from the U.S. if the regulatory environment does not become clearer. While it can be seen as a proactive approach to tackling regulatory uncertainty, some might criticize this move, as shifting base could lead to potential instability for both the company and its customers.
Also, the additional features that Coinbase One offers, such as pre-filed tax return documents for U.S. clients and exclusive access to Messari insights and analytics through a “Pro” account, might be perceived as useful tools for customers. However, skeptics might argue that these features are not absolutely essential to the regular crypto investor