Coinbase is Testing Commission Free Trading and Account Protection In A Subscription-based Service
Coinbase, the largest cryptocurrency exchange in the US, is testing a new subscription-based service that would give its users access to enhanced features, including allowing them to trade without paying fees.
The subscription product, dubbed Coinbase One, will be offered to a select few users in the beginning.
“Customers in the test group will have the ability to buy, sell, and convert digital currencies on the Coinbase platform without a Coinbase fee for each trade (spread fees still apply).”
It is still in the early stages, and the user feedback will shape the future product experience.
The company also has plans to add account protection. If a user’s Coinbase account is stolen by someone unknown to them due to an account takeover, they may be eligible for reimbursement of up to $1 million in losses.
The new move by Coinbase is in line with the company's plan to diversify its offerings and move beyond just investing.
Coinbase’s subscription-based service also involves the feature of prioritized customer support “even on holidays and weekends.” This coincides with its acquisition of AI-powered customer support platform Agara.
While the involved companies didn’t share the financial details of the acquisition, Techcrunch reported the size of the deal to be between $40 million and $50 million, citing people familiar with the matter.
Launched four years ago, Agara had raised $7 million and employs over 40 people.
With this acquisition, Coinbase plans to leverage Agara’s technology to automate and enhance its customer experience (CX) tools which remains its “top priority.”
The company has already increased its support staff headcount by five times in the past few months and also recently announced that it will be delivering 24/7 phone support and live messaging by the end of the year.
“Through this acquisition, we’ll be able to provide our customers with new personalized, intelligent, and real-time support options,” said Manish Gupta, EVP of Engineering at Coinbase, in a statement.