Crypto Exchange Finds a New Source of Revenue: ‘Inactivity Fee' [Business News Network (BNN) (Canada)]
Coinbase Global, Inc. - Class A (COIN)
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Source: Business News Network
The charges, at 10 euros ($10.27) per month, will apply to accounts that haven't traded, deposited, withdrawn or staked assets for a year with a total balance of less than 200 euros, starting Aug. 1, Bitstamp said in a company blog. Users in the US aren't subject to the charges. “Keeping inactive accounts on the books is a cost, and in order for us to continue providing great services to all our customers, we made the hard decision to implement the inactivity fee,” Bitstamp said in the blog. To avoid the charge, users can buy or sell crypto, make a deposit or withdrawal, or enroll in staking services -- a way of earning rewards for holding certain cryptocurrencies, it said. Crypto exchanges have been looking for ways to lessen their dependence on trading revenue, which tends to fall during prolonged market downturns. Coinbase Global Inc., the largest U.S. crypto exchange, has warned that trading volume in the second quarter will be lower than in the first. FTX US, the cryptocurre
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