Coinbase, the cryptocurrency exchange headquartered in San Francisco, has made an exciting announcement about the launch of its subscription service known as Coinbase One. With this new service, users gain the option to pay a monthly fee, granting them the benefit of reduced trading fees. Moreover, Coinbase One provides customers with round-the-clock customer support and lower commissions for staking activities. Initially, the service will be accessible to customers residing in the United States, the United Kingdom, Germany, and Ireland.
Staking involves locking up cryptocurrency to contribute to the functioning of a blockchain network. Coinbase One is set to provide users with the opportunity to stake popular assets like Cardano (ADA), Cosmos (ATOM), Solana (SOL), and Tezos (XTZ) at lower commissions. By engaging in staking, users can receive rewards for committing their proof-of-stake assets to support the network.
While cryptocurrency exchanges like Coinbase aim to simplify the staking process for users, the involvement of third parties in staking services has raised concerns. Earlier this year, the U.S. Securities and Exchange Commission fined Kraken, a prominent American crypto exchange, $30 million for allegedly failing to register its crypto asset staking-as-a-service program.
Coinbase’s announcement of Coinbase One is part of its expansion efforts in international markets. The company aims to broaden its presence worldwide, excluding Antarctica, as it accelerates its “Go Broad, Go Deep” strategy. Coinbase acknowledges the growing support for the digital asset economy in regions like Europe and the United Arab Emirates.
As Coinbase expands its services, U.S. regulators, particularly the Securities and Exchange Commission, are intensifying their scrutiny of major cryptocurrency brands. The SEC has targeted several digital asset companies, alleging the sale of unregistered securities. Despite these regulatory challenges, Coinbase remains committed to bringing the benefits of crypto to users globally and plans to expand access to Coinbase One in more countries in the coming months.