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Monitors display Coinbase signage during the company’s initial public offering (IPO) on the Nasdaq MarketSite on Wednesday, April 14, 2021 in New York, United States.

Michael Nagle | Bloomberg | Getty Images

Shares of Coinbase fell nearly 10% on Wednesday after rival crypto exchange Binance.US said it was waiving some trading fees for customers.

Binance.US, the US affiliate of the world’s largest crypto exchange by trading volume, said it would allow users to spot bitcoin trades for US dollars and stablecoins Tether, USD coin and Binance USD without paying spot trading fees. Will give

shares of coinbase were down 9.7%. Robin Hood slipped less than 1%.

The move from Binance.US comes in the midst of an extended bearish period for the cryptocurrency, which has been part of a wider sell-off in riskier assets that has occurred throughout the year. last weekend, Bitcoin Falling below the $18,000 level for the first time since December 2020 to reach a new 2022 low. As a result of the continued decline, trading volumes on crypto exchanges are slipping.

Coinbase has historically relied heavily on trading volume for revenue, but has been trying to diversify its revenue streams in recent months. It is currently testing a subscription service for customers called Coinbase One that will give them access to zero-fee trading of up to $10,000 in transactions a month.

Read more about technology and crypto from CNBC Pro

The zero-fee trading phenomenon first launched by Robinhood began to break into the retail investing world a few years ago, when major stock brokerages including Charles Schwab, Fidelity Investments, E*Trade Financials moved to commission-free online trading. they were finished. Allied Investments, and Interactive Brokers.

It is now hitting the cryptocurrency world as more investment platforms focus on engaging in equity and crypto trading experiences all in one place. Robinhood, which got its start in stock trading for retail investors, has since started prioritizing crypto trading for clients. Last month, crypto exchange FTX US, Unveils plans to introduce zero-commission stock trading, of block cash app, Sophie And the public all offer trading in both stocks and crypto.

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