Zero Fee Bitcoin and Altcoins Trading Reportedly Trialed by Coinbase
Coinbase (NASDAQ:COIN) Global Inc (NASDAQ: COIN) is debuting a subscription program that enables customers to swap cryptos without incurring transaction fees, as per a Blockworks article. CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) will be freely tradable on Coinbase One, which is now in beta testing, as per the article. In addition, users will have access to a Coinbase One beta staff person’s contact number and $1 million in trading account insurance.
Trading fees have typically provided the majority of Coinbase’s earnings, as per CFO Alesia Haas. Trading fees alone brought in $2.2 billion for the bitcoin exchange during 4Q21.
Brokerage firms like Robinhood Markets Inc (NASDAQ:NASDAQ:HOOD) have grown in popularity among individual investors because of the attractiveness of commission-free crypto exchange.
Coinbase customers will be charged a regular monthly cost but will not be repaid for any earlier trading expenses. There was no mention of the product’s pricing by the exchange’s spokeswoman. On Friday, Coinbase shares fell 7.46% to end at $160.07 a share.
American corporation Coinbase Global, Inc., better known as Coinbase, operates a cryptocurrency trading platform. Every employee at Coinbase works virtually and the firm doesn’t even have a physical address. It is the biggest cryptocurrency in the United States in terms of transaction volume. Established in 2012, the firm is run by Brian Armstrong and Fred Ehrsam.