Coinbase is a household name in the world of cryptocurrency exchanges. It is a powerful trading platform that serves millions of users. In addition, the company mulls introducing a subscription service to remove transaction costs and introduce insurance if accounts get hacked.
Coinbase Takes A New Approach
- It is good to see centralized crypto exchanges experiment with new ideas to retain clients and attract more people.
- Coinbase is one of the biggest trading platforms in the industry today.
- More importantly, the platform is often used by people entering the cryptocurrency space for the first time while making their initial purchases.
- Introducing a subscription model seems weird on paper, but the benefits can be worthwhile.
- Subscribers will have all transaction fees removed when moving funds from the exchange.
- Moreover, they will obtain insurance to protect their account balance in case a theft occurs.
- Cryptocurrency exchange theft is still prevalent in 2021, and a level of protection can make more people willing to explore this industry.
- For now, it appears users can obtain insurance of up to $1 million, although that number is not set in stone.
- The subscription will be known as “Coinbase One”.
- A price has not been announced yet, as the concept is still in private testing.
- The subscription will not cover spread fees when buying or selling crypto, but it will cover all other fees users pay to Coinbase.
- Some of the subscription’s details and benefits may change depending on user feedback.
- It is equally unclear if this is a one-time payment or a recurring subscription and whether users can opt-out at any time.
- By opting for this product, Coinabse follows the example set by Robinhood and other platforms, all of which removed transaction costs for users.
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