Coinbase Pilots Subscription Service That Waives Trading Fees

Major U.S. cryptocurrency exchange Coinbase Global Inc COIN is testing a new subscription service dubbed Coinbase One that gives its users access to fee-less trading, account protection and priority support.

What Happened: Coinbase's new subscription service is currently available to only a small number of users at an undisclosed price, according to a Wednesday The Block Crypto report. The initiative could purportedly help the exchange diversify its retail business which currently sees most of its revenue come from trading fees.

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Coinbase materials viewed by The Block Crypto explain that if Coinbase One subscribers see their funds stolen in an account takeover they "may be eligible for a reimbursement of up to $1 million in losses."

A spokesperson of the exchange confirmed the subscription model is already being tested and subscribers can buy, sell, and convert digital currencies without incurring fees. Still, the Coinbase representative said the service's development is still in its early stages "so everything about the future product experience will be shaped by the feedback" received.

COIN Price Action: Coinbase's stock is trading up 0.32% at $337.41 Wednesday at publication.

Photo: Courtesy Coinbase