Coinbase Allegedly Considering A New Subscription Model
One of the most popular and known virtual currency platforms in the market, Coinbase, might be implementing a new subscription model for its business. According to a new user survey that has been circulating on the internet, it suggests that Coinbase could be exploring new fee models.
In general, cryptocurrency exchange platforms earn money through different fee schemes applied to users when they trade virtual currencies in their platforms. Some other exchanges include withdrawal fees for each of the assets.
In general, companies tend to make surveys among their customers to understand what the most loyal individuals want and how to improve the platform. And this is what Coinbase did with its users. Coinbase asked different questions regarding a new fee scheme that could include a new subscription model.
With a subscription business model and fee scheme, it might be easier for the exchange to lower the fees for maker and taker orders. The exchange and platform did not provide information about which would be the price of a subscription or how it would affect fees. Furthermore, there is no information regarding how long the subscription model would last or if it would be for a month or a year.
According to a recent report from the Blockchain Transparency Institute, Coinbase is the exchange with the highest number of daily active users on its platform. Apparently, Coinbase had 100,000 more active users than Binance.
However, Coinbase did not rank well in terms of trading volume. Compared to the other four exchanges, it had the lowest trading volume per user. Each of these active users contributed $189 in transaction volume compared to Binance that registered a trading volume of $2,137 per month.
Although these surveys do not mean that the exchange will be launching a new subscription scheme, it shows that it might be possible to see some changes in the platform in the near future. It might also be possible not to see any change.