Cryptocurrency: Coinbase starts testing a subscription service for crypto trading without fees

Coinbase is now testing a new feature, and it is a subscription service that will allow users to buy, sell, and convert cryptocurrencies without any trading fees. However, the company said that the spread fee will still apply to every trade.

As per CoinDesk, the new service that Coinbase is expected to offer after successful testing is called the "Coinbase One." This is different from the tiered-free platform that the cryptocurrency exchange company already has, which is called the Coinbase Pro.

"We're always looking to learn more about how we can best serve our customers in different ways," the publication quoted the company's spokesperson as saying. "Right now we are, still in early stages, so everything about the future product experience will be shaped by the feedback we receive from our users."

It was added that the new subscription service also provides prioritized phone support to clients and will offer various improved features. Initially, Coinbase will be offering this product to just a handful of customers, and as the business goes, the company is expected to gradually open Coinbase One to more users.

The Block Crypto reported that Coinbase's move to introduce a subscription service might help it to expand its retail business that gets most of its revenue from transaction fees. While there will be no trading fee, the company will still charge for the service, but it is not clear how much it would be.

What's more, the firm is also looking to add more security features for better account protection. This detail is said to have been outlined in the pages of documents related to the testing of the new subscription service and listed under the types of benefits offered.

"If any funds in your Coinbase account are stolen by someone you don't know due to an account takeover, you may be eligible for a reimbursement of up to $1 million in losses," Coinbase stated.

Meanwhile, prior to the reports of Coinbase's' new subscription service without trading fees, the company also announced that week it has acquired the Indian startup called Agara. It is a tech company that specializes in providing customer support services, including artificial intelligence-powered voice bot. With Agara's' help, Coinbase could automate and make its customer support experience a lot better.