Coinbase Global (NASDAQ:COIN) officially launched Coinbase One, a zero-fee subscription service, and expanded its reach outside of the United States to the UK, Germany, and Ireland.
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The cryptocurrency exchange is offering several bonuses at $29.99 per month, including “boosted staking rewards and exclusive benefits from partners like Messari and CoinTracker,” according to the business.
Additionally, the new service offers extra advantages, including round-the-clock customer service and no trading costs. Members would also get a pre-filled tax Form 8949 and streamline the filing procedure for cryptocurrency taxes by automatically organizing transactions.
It is interesting that Coinbase plans to broaden the service’s geographic scope in the upcoming months. Initially, the service was rolled out in the United States in November 2021, but it has been in beta testing so far.
Crypto trading volumes have been declining since 2022 due to falling cryptocurrency prices amid a downturn in the industry. In addition, when the FTX exchange collapsed last November, investors shied away from cryptocurrencies out of concern that other exchanges may have similar problems and cause investors to lose money.
Thus, Coinbase has been focusing on diversifying its subscription and service offerings to attract more customers. Additionally, its most recent launch will strengthen its position in comparison to other commission-free cryptocurrency trading platforms, such as Robinhood (HOOD). Nevertheless, the company’s sour relations with the U.S. Securities and Exchange Commission remain a key concern.
Is COIN a Good Stock to Buy?
Overall, COIN stock has a Hold consensus rating on TipRanks. This is based on eight Buy, nine Hold, and seven Sell recommendations. The average price target of $60.38 implies 0.2% upside potential.
