Coinbase Launches Subscription Service In UK, Germany, Ireland; Will Expand To 31 More Countries

Coinbase (COIN) is stretching the reach of its subscription service, Coinbase One, to the U.K., Germany and Ireland.

The crypto exchange titan said Coinbase One, which was originally introduced in beta in the fall of 2021, was made available to the public in the UK, Germany and Ireland, in addition to the U.S., starting Thursday.

The company also plans to launch the subscription service in 31 other countries over the next few months, according to CoinDesk.

"In addition to zero trading fees and a dedicated support team, Coinbase One members now get boosted staking rewards and exclusive benefits from partners like Messari and CoinTracker — all for $29.99/month," the company said in a Thursday statement.

"We're also expanding access to Coinbase One in the United Kingdom, Germany and Ireland so members around the world can pay fewer fees, earn more rewards and enjoy peace of mind in the cryptoeconomy," the statement continued.

Users of the subscription service can enjoy features such as zero trading charges, higher staking rewards, 24/7 customer support and pre-filed tax return documents, Coinbase's senior director of product management Phil McDonnell told TechCrunch+.

Coinbase made much of its initial revenue from trading fees during the bull market. But as the crypto economy now goes through a bearish market, the company is looking at other streams of revenue.

"Maybe 18 months ago, it was very transactional," McDonnell told the outlet. "People come in, trade, pay a fee and that was the relationship. Through the bull market 18 months to two years ago, there was tons of growth, but we wanted customers to stay [...] That was the inspiration. How do we build a longer, deeper relationship with our customers and make it a win-win?"

The results so far look promising, as the revenue of Coinbase's subscription and services for the first quarter of 2023 was $361.7 million — more than double the revenue of $152 million that was earned in the first quarter of last year.

"We are making a trade-off with zero-fee trading to set it up so customers win, and we think we'll win in the long term," McDonnell added.

The U.S. has been the home market for Coinbase, which is the second-largest crypto exchange in the world. However, the company has appeared to take measures to reduce its dependence on the U.S. market due to a series of regulatory moves in the country.

As Coinbase gears up for international expansion, the company might move away from the U.S. if there is no clarity about regulations, Coinbase CEO Brian Armstrong said earlier this month.

"I think the U.S. has the potential to be an important market for crypto, but right now we are not seeing that regulatory clarity that we need," Armstrong said. "I think in a number of years if we don't see that regulatory clarity emerge in the U.S. we may have to consider investing more elsewhere in the world."