Coinbase Unveils New Products: Are They the Awaited Triggers to Attract More Crypto Traders?

Coinbase Global Inc., (NASDAQ: COIN) has unveiled more enticing features and products to lure more customers. On Thursday, Coinbase announced a series of new products geared towards enhancing mainstream cryptocurrency adoption.

On the top list, Coinbase unveiled its Coinbase One Card in collaboration with American Express. The Coinbase One Card will offer up to 4 percent Bitcoin back on each purchase. 

The cryptocurrency exchange announced the launch of perpetual futures in the United States, with the feature expected to be expanded to global markets soon.

The exchange also introduced its Coinbase Business and announced the waitlist is open to entrepreneurs seeking to venture into the crypto space. Coinbase also announced a strategic partnership with Shopify to enable USDC checkouts on Base through Shopify Payments and Shop Pay.

Will Coinbase Overthrow Peers?

As Coinpedia has reported in the past, Coinbase has suffered significant criticism for its poor customer service, especially during challenging times such as account takeovers and scams. As a result, Coinbase has continued to record significantly low quarterly trades volume compared to Binance and Bybit.

The launch of the new products will play a crucial role in rebuilding its broken trust with the customers. Moreover, Coinbase is heavily regulated in the United States and has huge backing from institutional investors seeking to venture into the crypto market.

However, Coinbase will have to use more unique tactics to attract more customers amid heightened competition from its competitors. Rising competition from other crypto exchanges, such as Upbit and Kraken, also presents more headwinds for Coinbase in the near future.

Nonetheless, the cryptocurrency industry will continue to boom in the near future, fueled by institutional investors and clear crypto regulations, thus ensuring a long term growth prospects for Coinbase.