Coinbase beefs up subscription plan by offering it with American Express credit card

Coinbase has made a significant move by launching its inaugural branded credit card in collaboration with American Express. This card will be available solely to U.S. subscribers of Coinbase One, the platform's monthly subscription service that features zero trading fees, enhanced staking rewards, and various other advantages. In addition to the new card, Coinbase is also rolling out a more affordable "Basic" subscription tier. Starting this fall, cardholders will be able to earn between 2% and 4% back in Bitcoin, in addition to enjoying the array of experiences, protections, and benefits that come with the American Express network. Coinbase One is priced at $29.99 per month, while the Basic tier, which offers fewer perks, is available for $4.99 per month or $49.99 annually. Will Stredwick from American Express global network services emphasized the potential of combining Coinbase's crypto offerings with the robust support of American Express at the Coinbase State of Crypto Summit in New York City. The company has been focusing on expanding its subscription and services portfolio, which includes stablecoins, staking, and custody solutions that cater to a wide range of Bitcoin and Ether ETFs. Analyst Andrew Jeffrey from William Blair noted that the growth in subscription revenue could be a driving factor for long-term investors in Coinbase. In the first quarter, Coinbase reported trading revenue of $1.26 billion, while subscription and services revenue reached $698.1 million. Since its launch in 2023, Coinbase One has surpassed one million members. As the cryptocurrency landscape gears up for an influx of new products and releases, fueled by supportive policies and anticipated regulatory clarity from Congress, this credit card marks Coinbase's first foray into credit offerings, following a prepaid debit card launched with Visa in 2020. Notably, American Express had previously partnered with trading platform Abra on a crypto-back card, though that initiative did not come to fruition. Amidst a fluctuating market, only a few crypto-back cards remain viable, including those from Gemini and Venmo, which allow users to earn crypto rewards through their respective credit offerings.