Coinbase Introduces Subscription Service With Expansion Focus on Europe

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Coinbase, one of the world’s largest cryptocurrency exchanges, has announced the expansion of its subscription service to the United Kingdom, Germany, and Ireland.

The subscription service, Coinbase One, which offers zero fees on each trade in return for a monthly payment, will also expand to 31 other European countries.

Foray Into New Destinations

Coinbase, the world’s second-largest cryptocurrency exchange, is introducing its subscription service, Coinbase One, in 35 countries.

The expansion aims to retain consumers and increase Coinbase’s recurring revenue streams as the crypto economy struggles in a harsh market climate.

The announcement comes as the company aims to strengthen its foothold in the rapidly growing European market and cater to the increasing demand for cryptocurrencies and related services.

Initially released in beta in the fall of 2021, Coinbase One will now be accessible to the general public in the U.S., the United Kingdom, Germany, and Ireland.

In the upcoming months, the company will roll out the service in 31 additional European nations.

Coinbase asserts that by opening up Coinbase One to more users in these nations, traders can confidently participate in the cryptocurrency economy and pay lower costs while earning greater rewards.

According to the crypto firm, maximizing the value of cryptocurrencies is crucial regardless of the market’s status.

Therefore, Coinbase One would enable investors to perform more trades on hundreds of assets without worrying about trading costs for each transaction, making it ideal for active traders.

Aside from that, Coinbase One users in the U.S., UK, Germany, and Ireland have access to a 24/7 dedicated support service that can offer assistance over the phone within seconds of a member’s call.

Members in the United States will also receive a pre-filled tax Form 8949, which will automatically group cryptocurrency transactions and can be submitted directly through online tax filing services or accountants.

In addition to zero trading fees and a dedicated support team, members of Coinbase One now receive improved staking incentives and unique perks from partners like Messari and CoinTracker, all for $29.99 per month.

Furthermore, for long-term investors, the service allows Coinbase users to take full advantage of the crypto economy and everything else.

Members can earn more from their cryptocurrency without paying additional fees thanks to decreased commissions for staking ADA, ATOM, SOL, and XTZ, as well as special awards throughout the year.

In the past, a large portion of the company’s revenue came from trading fees, especially during the bull market.

However, the volatility of the crypto market cannot be relied on. Therefore, Coinbase is now looking to other avenues to generate development and diversify its revenue streams.

One such avenue is the introduction of a subscription service.

This service provides Coinbase with a reliable revenue stream, unlike the erratic income that comes from traders constantly dipping in and out of volatile cryptocurrency markets.

The financial performance of the company reflects the effectiveness of this strategy.

In the first quarter of 2023, compared to the same period the previous year, the exchange’s subscription and service income increased by more than a factor of two to $362 million.

This accomplishment emphasizes the importance of a subscription-based model for Coinbase’s long-term growth and financial stability.

Phil McDonnell, senior director of product management at Coinbase, noted in an interview with TechCrunch that there was a lot of growth during the bull market from 18 months to 2 years ago, but the inspiration is to retain their customers.

A Focus on Europe Away From Troubles at Home

As its regulatory difficulties in the U.S. continue to rise, the most recent statement looks to be part of Coinbase’s ambitious international expansion.

The crypto firm claimed in March 2023 that it was stepping up its “Go Broad, Go Deep” approach to expand its footprint on every continent except Antarctica.

Furthermore, Coinbase recently unveiled its international plans for a perpetual futures trading expansion platform while announcing its expansion in Singapore.

Coinbase has been trying to lessen its reliance on the domestic market. This follows a series of unwanted actions by American regulators, including a court dispute with the Securities and Exchange Commission (SEC).

The crypto company’s CEO, Brian Armstrong, has openly discussed efforts made by countries like the United Arab Emirates (UAE) and Europe to assist the digital asset market.

With its subscription service and focus on European expansion, Coinbase is poised to strengthen its position as a global leader in cryptocurrency trading.

By tailoring its services to meet the unique needs of European customers and actively engaging with regulatory bodies, the company demonstrates its commitment to long-term growth and sustainability.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.