Cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN) has decided to broaden the reach of its subscription-based product, Coinbase One, to encompass the United Kingdom, Germany, and Ireland.
In an emailed statement to Benzinga, the company said that the product, priced at a monthly fee of $29.99, offers its subscribers the benefit of trading with no fees, elevated staking rewards, access to crypto data services, and 24/7 customer support.
The decision to extend the product’s availability stems from the exchange’s strategy to secure a steady stream of income in contrast to the inconsistent revenue associated with unpredictable cryptocurrency markets.
Coinbase’s subscription and services revenue saw an impressive increase, doubling to $362 million in the first quarter of 2023 compared to the same timeframe in the previous year.
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“Our growth was substantial during the bullish phase about a year and a half to two years back, but our objective was to ensure customer retention. This thought process paved the way for the development of a mechanism that would enable us to establish a sustained, mutually beneficial relationship with our customers,” TechCrunch quoted Phil McDonnell, senior director of product management at Coinbase, saying.
The exchange also revealed its plans to roll out the service to an additional 31 European countries in the upcoming months.
This expansion is part of a broader strategy by Coinbase to reduce its dependence on the U.S. market, in the wake of several regulatory challenges, including a dispute with the Securities and Exchange Commission.
As part of this global growth, Coinbase has revealed plans for an international trading platform for perpetual futures contracts based in Bermuda and recently announced a significant expansion in Singapore.
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