After years of relying heavily on trading fees, crypto exchanges seem to be experimenting with subscription models in a possible shift toward more predictable business models.
Crypto exchanges are no longer just places to buy and sell cryptocurrencies. As trading volume remains volatile — sometimes swinging within hours — platforms like Kraken and Coinbase are turning to subscription models in search of more stable revenue.
Over the years, crypto traders have seen exchanges roll out a wide range of services — from decentralized platforms and staking products to NFT marketplaces, lending features, and peer-to-peer tools. But most of them still rely on users deciding to trade on impulse, making revenues hard to predict.
Rather than relying solely on transaction fees, exchanges are now exploring ways to create steadier income and offer a more consistent experience. Pauline Shangett, chief marketing officer at ChangeNOW, said in an interview with crypto.news that exchanges and similar services “are less in need of new revenue streams and more in need of stable and predictable ones.”
“When all revenue depends on market turnover, which can plummet or surge dramatically based on news and circumstances, it complicates financial and strategic planning. For instance, not all exchanges survived past ‘crypto winters’ because they had expanded their staff and marketing budgets too aggressively without creating a financial safety net.”
Pauline Shangett
Shangett noted that subscription models and services whose demand doesn’t directly depend on the market’s phase “allow businesses to plan better for the future, engage in long-term projects with less risk, and ultimately provide a higher level of service to their customers.”
“ChangeNOW and NOW Wallet also offer subscription options that provide more favorable terms, special offers, and access to additional services. For example, our subscribers can perform AML checks for free to verify their own and their counterparties’ addresses for any suspicious funds. Overall, yes, this model is beneficial both for the exchanges and their clients.”
Pauline Shangett
‘Designed to offer real value’
Kraken is the latest to join the trend, introducing Kraken+, a premium membership that offers zero-fee trading and boosted rewards for $4.99 per month. According to a press release, Kraken+ lets users trade up to $10,000 per month fee-free on instant purchases through its main app. Subscribers also earn up to 4% APR on USDG held with the exchange.
In an interview with crypto.news, Mark Greenberg, global head of consumer at Kraken, said that the launch of Kraken+ came as a “direct response to what we’ve heard from our clients.”
“People want more utility from the platforms they trust. More ways to engage, save, and grow their holdings, without needing to jump through hoops. We built Kraken+ to reward that trust. For a small monthly fee, clients get meaningful everyday benefits like no-fee trading and stablecoin yield — all in a single, streamlined experience. It’s designed to offer real value from day one, and to keep getting better over time.”
Mark Greenberg
Technically speaking, Kraken follows in the footsteps of Coinbase, which launched a similar product in 2023. Coinbase One offers fee-free trading, priority support, and other perks — albeit at a significantly higher price point of $29.99 per month. A premium version, Coinbase One Premium, adds unlimited zero-fee trading, 25% back on Coinbase Advanced spot fees, and enhanced rewards, all for $299.99 per month.
Profitable business
While it’s may be too soon to gauge long-term profitability, Coinbase had earlier reported strong momentum. In its February shareholder letter, the company said its subscription and services revenue reached $2.3 billion in 2024, up 64% year-over-year and more than four times higher than during the 2021 bull run.
“Coinbase One subscribers grew in each quarter of 2024 as we expanded both account benefits and geographic availability throughout the year, which accelerated with the market momentum in Q4. Retention remains high, as subscribers tend to deepen their engagement on our platform across our product suite.”
Coinbase
Coinbase said that by the end of 2024, the number of Coinbase One subscribers even surpassed 600,000, up 50% from Q1 2024, fueled in part by a late-year surge in crypto markets that pushed Bitcoin past $90,000. Greenberg told crypto.news that Kraken expects “strong adoption” of its latest product and plans to expand it further in the future
“It’s not just about what’s included at launch, but how we continue evolving it based on client feedback. Our goal is to make Kraken+ the most rewarding way to engage with crypto over the long term.”
Mark Greenberg
As competition among exchanges heats up, subscription products could represent a more sustainable path forward. Whether these programs will deliver lasting value for users and platforms alike remains to be seen. Still, Greenberg frames subscriptions as a question of trust, saying Kraken aims to build a platform “that people want to stay with not just for a product, but for the long-term journey.”
