- Coinbase One is a premium subscription service that offers members fee-free crypto trading.
- Coinbase One introduces boosted staking rewards and exclusive partner benefits to members.
- Paywall subscription services undermine the decentralized, collaborative, open-source, and permissionless aspects of Web3 economies.
Coinbase One Overview
Coinbase One is a subscription service for users that enables them zero-fee trading. In addition, Coinbase included increased staking rewards and exclusive partner benefits as new subscription features.
By becoming a member of Coinbase One, individuals can enjoy several advantages. Firstly, they gain the ability to reduce their trading fees and benefit from more favorable conditions when engaging in trades across a wide range of assets.
This is especially advantageous for frequent traders, who can save on transaction costs for every trade they execute. In addition, long-term investors also experience benefits as Coinbase One offers lowered commissions for staking popular cryptocurrencies such as ADA, ATOM, SOL, and XTZ.
As well as the financial benefits, Coinbase One provides a sense of security for members through dedicated support services. With a 24/7 support team readily available, members can receive immediate assistance via phone whenever they need help. This eliminates the frustration and difficulties associated with resolving technical account issues independently.
Moreover, members in the United States enjoy the convenience of a pre-filled tax Form 8949, simplifying the process of filing cryptocurrency taxes. The form automatically organizes cryptocurrency transactions and can be quickly filed through online tax filing services or with the assistance of accountants.
For a monthly fee of $29.99, Coinbase One members can now access boosted staking rewards and exclusive partnership benefits with reputable companies like Messari and CoinTracker.
New partner benefits will include the following:
- Messari: 90 days of exclusive crypto market insights and analytics with Messari Pro
- Alto IRA: 1% match (up to $100) on your first deposit or rollover and a free AltoIRA account for six months; 1% match (up to $100) on your first deposit or rollover and 50% off of CryptoIRA fees for six months.
- Blockworks’ Permissionless: 20% off Permissionless II passes
- CoinTracker: 6 months free of personal crypto portfolio analytics with CoinTracker Portfolio Assistant – Enthusiast Tier
- Lemonade: 10% off select personal insurance products (availability varies by state and region)
While these benefits sound great, cryptocurrency seeks to eliminate such barriers, and as more features are added to Coinbase One, access to crypto becomes increasingly segregated.
Why Subscription-based Services are Bad for Web3
Web3 envisions a future where individuals have greater control over their digital lives, free from the constraints and limitations imposed by centralized authorities.
One of the critical pillars of Web3 is the concept of freedom. It emphasizes the liberation of individuals from the grip of centralized intermediaries, providing them with the autonomy to make their own choices. Furthermore, it promotes open access, where anyone can participate and contribute to the ecosystem without oversight or permission.
However, introducing subscription paywalls in the crypto space creates a divide, limiting access to valuable services only to those who can afford to pay. This undermines the principle of freedom, as it reintroduces exclusivity and restricts the opportunities available to a select few.
Decentralization is another fundamental principle of Web3, striving to distribute power and authority across a network rather than concentrating it in the hands of a few entities. It aims to create a more equitable and resilient system where decisions are made collectively, and the consensus is reached through transparent and decentralized mechanisms.
However, when beneficial crypto services are locked behind subscription paywalls, the power to access and enjoy these services becomes concentrated in the hands of the service provider. This centralized control contradicts the essence of decentralization, as it reintroduces gatekeepers and reinforces a hierarchical structure that Web3 seeks to dismantle.
Furthermore, introducing subscription-based models in crypto raises concerns about commodifying essential services. The underlying philosophy of cryptocurrencies is rooted in the idea of open-source collaboration, where the community contributes to the development and improvement of the ecosystem.
The ethos of shared knowledge and collective progress is compromised by placing services like fee-free trading and boosted staking rewards behind paywalls. Moreover, it transforms valuable tools and benefits into commodities accessible only to those who can afford them, shifting the focus from collaboration and inclusivity to profit-driven motives.