- Coinbase is alluring traders with an irresistible offer.
- The exchange is promising zero fees to high-volume traders.
- Coinbase is looking to regain momentum following declining transaction revenue.
Coinbase is strategically positioning itself to expand its market share, capitalizing on the imminent departure of major players like Binance from the US market. From serving as the primary custodian for Bitcoin ETF issuers to now emerging as the leading exchange in the country, Coinbase exhibits unwavering momentum in its mission.
In its latest move, the crypto exchange entices high-volume traders with fees that seem almost too good to be true.
Coinbase Welcomes High Rollers with Open Arms
Coinbase has unveiled a new promotional campaign to entice high-volume traders away from rival crypto trading platforms. With this initiative, the exchange looks to strengthen its market presence and reshape industry dynamics with an irresistible offer–zero fees.
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"We're making it possible for high volume traders from other exchanges with over $500,000 in monthly trading volume to fast-track to lower fee tiers and pay as low as 0.0% maker fees on spot trades on Coinbase Advanced," the company said in a blog post.Â
Qualified traders who open an account on the platform can trade fee-free for 60 days. Following this period, their monthly trading volume on the exchange will determine their ongoing fee tier.
Interestingly, no-fee trading is typically only available to traders handling over $250 million. The crypto exchange is looking to leverage the excitement around the Bitcoin ETF and catalyze its institutional business. Additionally, the campaign aligns with Coinbase’s overarching strategy to regain momentum after a temporary decline in transaction revenue.
Last year, the crypto exchange acknowledged declining transaction revenue due to lower trading volumes. With Coinbase’s Q4 2023 earnings report slated for later this month, the company anticipates that the quarter’s transaction revenue will align with the performance of the previous quarters.
On the Flipside
- Earlier this week, Coinbase announced it would impose a 0.1% fee on institutional clients conducting USDC to USD net conversions exceeding $75 million.
- Coinbase maintained a consistent 6% market share throughout the entirety of 2023.
Why This Matters
High-volume traders serve as the cornerstone of many cryptocurrency trading platforms. Attracting and retaining these traders can significantly impact Coinbase’s financial performance and overall metrics.
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Read why Bitcoin fell under $42K:
Bitcoin Slips Under $42K in Wake of Fed’s Hawkish Tone
FTX scraps crypto exchange revival:
FTX Abandons Crypto Exchange Revival for User Payouts
