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Coinbase is testing a subscription service that waives trading fees

The service from the cryptocurrency exchange lets people buy, sell and convert currencies without a Coinbase fee for each trade, though there are still spread fees.

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Cryptocurrency exchange Coinbase is testing a subscription service that doesn't charge trading fees, the company said in a statement Wednesday.

"Customers in the test group will have the ability to buy, sell, and convert digital currencies on the Coinbase platform without a Coinbase fee for each trade (spread fees still apply)," a Coinbase spokesperson said in a statement. "Right now we are still in early stages so everything about the future product experience will be shaped by the feedback we receive from our users."

Website The Block reported earlier that the service is called Coinbase One and includes features like additional account protection and "prioritized phone support."