Adapting to Crypto Winter: Coinbase One Goes Global
Coinbase, one of the globe’s leading crypto exchanges, is extending its subscription service, ‘Coinbase One,’ to 35 countries. The expansion aims to boost user retention and create steady income in the midst of a challenging crypto market.
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Launched in beta in the fall of 2021, Coinbase One will be available in the US, UK, Germany, and Ireland from today, with 31 additional European nations planned for future rollouts.
The service features a range of benefits, including zero trading fees, boosted staking returns, round-the-clock customer support, and prepared tax documents, according to Phil McDonnell, Coinbase's Senior Director of Product Management.
In a changing market, Coinbase is diversifying its income streams. Previously, the company profited primarily from transaction fees during bullish periods. Now, with the extended bear market, Coinbase is focusing on customer retention and growth in other areas.
“Our focus has shifted from solely transaction-based relationships,” McDonnell said. “Our goal is now to establish lasting, beneficial relationships with our customers.”
The shift appears effective as Coinbase's subscription and service revenues surged almost 140% to $361.7 million in Q1 2023, up from $152 million a year prior. According to the company's Q4 2022 shareholder letter, total revenues in these sectors rose from less than $50 million in 2020 to $793 million in 2022.
“Offering zero-fee trading is an investment in our customers,” McDonnell said. “We believe this will benefit us in the long run.”
Coinbase is particularly intent on expanding in Europe. This strategic move coincides with ongoing legal battles with the SEC, which served Coinbase with a Wells notice in March this year.
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