According to files reviewed by a Newswire, Coinbase is testing a new subscription-based service that would provide customers with access to upgraded capabilities.

The subscription offering, dubbed Coinbase One, will initially be available to a small number of users. Benefits include no-fee trading and phone help that is emphasized "even on holidays and weekends."

The introduction of a subscription service could help Coinbase diversify its retail operation, which now relies heavily on transaction fees. It's unclear how much Coinbase will charge for the new service at this time.

According to an image of the page outlining the types of advantages available, Coinbase is also intending to incorporate further account protection.

"If any funds in your Coinbase account are stolen by someone you don't know as a result of an account takeover," the exchange stated, "you may be eligible for a reimbursement of up to $1 million in losses."

File:Coinbase.svg - Wikimedia Commons

"Coinbase has started testing a subscription product for our customers," a company spokeswoman stated in a statement. "Customers in the test group will be able to purchase, sell, and convert digital currencies on the Coinbase platform without being charged a Coinbase fee for each transaction (spread fees still apply). We're constantly interested in learning more about how we can better serve our consumers in various ways. We are still in the early phases, therefore everything about the future product experience will be changed by feedback from our users".

In some ways, Coinbase is following in the footsteps of other retail-oriented brokerage firms. For example, Robinhood Gold is a monthly membership service that provides consumers with access to higher-quality market data and margin investing.

The strategy also fits into Coinbase's larger goal to diversify its business lines, which chief financial officer Alesia Haas outlined in an interview with The Block as the company was preparing for a public stock offering.

"We are focused on the long-term where we will continue to diversify our offerings," Haas stated at the time. "Today we are primarily investing, but interestingly enough, we’re seeing over 20% of users engaging with multiple products - from staking to earning, and borrowing/lending."