Coinbase doubles down on its efforts to diversify revenue streams away from trading fees
Those that qualify for the beta launch will be contacted by email

As Coinbase looks to distance itself from transaction-based revenue, the exchange has begun recruiting the first customers for Coinbase One, a subscription service that comes with $0 trading fees.

Perks of the subscription also include up to $1 million in account protection and 24/7 phone support. A spokesperson from Coinbase declined to reveal the price, which will be billed monthly.

Coinbase One is currently in its beta launch, the exchange said.

The exchange has historically reported trading fees as its main source of revenue, but it has been trying for months to diversify its profit streams. In May 2021, the revamped version of Coinbase Prime, the exchange’s prime brokerage service, launched.

In January 2022, Coinbase announced that it would be buying Commodity and Futures Trading Commission-regulated derivatives exchange FairX, offering another opportunity to diversify revenue.

“The transaction revenue has historically may have the lion’s share of our revenue,” said Alesia Haas, chief financial officer of Coinbase, during the exchange’s 2021 fourth quarter earnings call. “We’re taking steps to diversify this revenue and also grow our non-transaction revenue streams.”

Coinbase executives also braced shareholders for a quieter first quarter of 2022 on the earnings call, saying that they are expecting lower monthly transacting users and total trading volume in the first three months of the year.

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