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Coinbase is slashing its fees to attract traders who deal in high volumes to boost its institutional business.
On Thursday, the crypto exchange announced it will waive fees for 60 days for Coinbase Advanced customers trading crypto on its professional market if they have traded over $500,000 per month on a rival exchange.
Coinbase Advanced is a higher-tier trading platform that offers more "robust tools to make better trading decisions," according to its website.
Zero fees are usually reserved for traders moving more than $250 million. The move comes just weeks after the SEC approved spot Bitcoin ETFs, which is believed to attract more institutional money into the digital asset sector.
"We know that fees are one of the most important factors when it comes to selecting and trading on a crypto exchange," the exchange said. "To better serve advanced traders, we are establishing a new fee tier upgrade program for Coinbase Advanced."
Traders are asked to upload a screenshot of their recent trading volume to prove their $500,000 in trades to qualify for the new tier.
Additionally, Coinbase recently announced a new 0.1% fee for institutional clients converting more than $75 million from USDC to USD. Conversions between $75 million and $150 million are subject to a 0.1% fee, while transactions between $150 million and $500 million are subject to a 0.15% fee.
The British are Coinbasing
In other Coinbase news, former British Finance Minister George Osborne has been hired by the crypto exchange.
Osborne, who served as the Chancellor of the Exchequer for six years, has been appointed to Coinbase's advisory council and will be “relying on his insights and experiences as we grow Coinbase around the world."
“There’s a huge amount of exciting innovation in finance right now,” Osborne said of his appointment at Coinbase.
“Blockchains are transforming financial markets and online transactions. Coinbase is at the frontier of these developments. I look forward to working with the team there as they build a new future in financial services.”
Faryar Shirzad, the chief policy officer at Coinbase, said he was “pleased to have George join our council at an exciting time for us in the UK and globally.
“George brings with him a wealth of experience in business, journalism, and government. We look forward to relying on his insights and experiences as we grow Coinbase around the world.”
Since leaving politics, Osborne currently also serves as:
- President of the Northern Powerhouse Partnership
- Chair of the British Museum
- Distinguished visiting fellow at the Hoover Institute
- Visiting professor at Stanford’s Graduate School of Business
- Chair of Lingotto Investment Management