Major cryptocurrency exchange Coinbase Global Inc (NASDAQ: COIN) is testing out a new subscription product that lets users exchange digital assets without trading fees, according to a Blockworks report.

What Happened: Coinbase One, already in its beta launch, will let users trade cryptocurrencies such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) with zero trading fees, according to the report, citing the exchange.

Users would also have $1 million in account protection and access to 24/7 direct phone support with a Coinbase One beta team member.

Coinbase did not immediately respond to a request for comment.

Why It Matters: Transaction revenue from trading fees has historically made up the lion’s share of Coinbase’s revenue, according to CFO Alesia Haas. In the fourth quarter, the cryptocurrency exchange generated $2.2 billion in revenue from transaction fees alone.

“We're taking steps to diversify this revenue and also grow our non-transaction revenue streams,” said Haas, during Coinbase’s Q4 earnings call.

“We generated more than $500 million of subscription and services revenues this year, including $214 million in the fourth quarter. This was a 10x increase from 2020.”

Moreover, the appeal of commission-free cryptocurrency trading has seen brokerage platforms like Robinhood Markets Inc (NASDAQ: HOOD) become widely popular among retail traders.

Coinbase One users will not be reimbursed for previous trading fees and would be charged a monthly recurring payment. A spokesperson for the cryptocurrency exchange declined to reveal the price of the product.

Price Action: Coinbase shares closed 7.46% lower on Friday at $160.07.