The major crypto exchange Coinbase has launched ‘Coinbase One’: a subscription for using the crypto platform. In addition to zero fees, members also get higher rewards for staking crypto assets. In addition to the United States, Coinbase One is also available in Great Britain, Germany and Ireland.
— Coinbase 🛡️ (@coinbase) May 18, 2023
Coinbase focuses on Europe
The service will follow the press release will cost $29.99 per month. The service has been in the test phase since 2021 and is now being launched after two years. However, the news is not received with much enthusiasm. The crypto community had expected a bigger announcement and seems to have little appetite for a payment service for better customer support. The disappointment among them seems great.
Availability will probably not be limited to the four countries mentioned above. Coinbase indicates that it wants to offer Coinbase One in 35 more countries in the coming months. It is not yet known whether the Netherlands is one of these countries.
However, according to the press release, the 35 countries will largely be European countries. With this, Coinbase seems to be clearly focusing on the crypto market outside the United States. This is anything but a surprise: in recent months, the crypto exchange has been at odds with US regulators.
Coinbase’s frustration
For example, Coinbase received an official warning from the Security and Exchange Commission (SEC) earlier this year. In response, Coinbase took the SEC to court. The exchange wants to force the SEC to provide clarity to the American crypto sector once and for all.
Last year, Coinbase sent the SEC a petition asking simple “yes” and “no” questions about regulations within the crypto sector. Last week, Coinbase finally got a response from the SEC, but it wasn’t the response it wanted. The SEC refuses to complete the petition. SEC Chairman Gary Gensler believes he has no legal obligation to do so.
The situation takes a lot of energy, and the frustration is enormous. Coinbase has already indicated that it wants to focus on foreign markets due to the legislative ambiguities. There was even speculation about a complete departure from the United States. The launch of Coinbase One in dozens of countries is very much in line with the crypto exchange’s recent statements.
