Coinbase Global Inc. is testing a subscription service that lets customers trade on the biggest U.S. cryptocurrency exchange without paying fees for each trade.
Customers will still pay so-called spread fees on
cryptocurrency sales and purchases made through the service. Currently,
Coinbase customers pay a commission and spread fee. Any subscriber costs
weren’t disclosed.
“We’re always looking to learn more about how we can best
serve our customers in different ways,” Coinbase said in the statement
Wednesday. “Right now we are still in early stages so everything about the
future product experience will be shaped by the feedback we receive from our
users.”
The trading platform is experimenting with its fee structure
amid growing pressure from companies such as Robinhood Markets Inc., which are
not charging trading fees and gaining users quickly. Crypto now represents more
than half of Robinhood’s transaction revenue.
The subscription service test was first reported by the
Block. © Bloomberg L.P.
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