Coinbase is trying out a subscription service for customers that would include no-fee trading, report says

• Coinbase is testing a subscription service for a small number of its users, The Block reported.
• The service, called Coinbase One, will provide no-fee trading and enhanced phone support.

Coinbase is testing a new subscription service that would include enhanced support and fee-less trading.

Coinbase, a crypto exchange with more than 68 million users, is launching the service called Coinbase One to a small number of users at first, the Block first reported. The new service would include priority phone support, including on weekends and holidays, as well as zero-fee trading, the Block said.

A company spokesperson confirmed the news on the service with Insider and said customers can buy, sell, and convert cryptocurrencies without a fee, though spread fees would still apply.

"We're always looking to learn more about how we can best serve our customers in different ways. 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," the spokesperson said.

The new service, according to a screenshot reported on by the Block, will also include additional account protection that would make users eligible for reimbursement up to $1 million if hacked.

Coinbase was the first major cryptocurrency exchange to go public. Its shares tumbled shortly after its public debut via direct listing on Nasdaq in April, but they have since regained ground. Since the beginning of October, shares have rallied about 50% and were trading at about $339 on Wednesday.

Bitcoin, the largest cryptocurrency by market capitalization, has also surged in price in the last month, though it's trading lower from its all-time high price of around $67,000 reached in October.