Coinbase Unveils New Products and Features to Boost Retail Adoption

The cryptocurrency exchange has recorded low retail adoption compared to its peers.

Coinbase Global Inc., (NASDAQ:COIN) has been rolling out more enticing features and products to try and get more customers.

The cryptocurrency exchange announced a series of new products that will be looking to expand mainstream cryptocurrency adoption further.

In a bid to expand its offerings and attract a wider user base, Coinbase Global unveiled several new initiatives and partnerships. These moves highlight the company's efforts to diversify its revenue streams and cater to the evolving needs of both retail and institutional customers within the cryptocurrency market.

Here are some of the products and partnerships announced by Coinbase:

* Coinbase One Card in partnership with American Express will offer up to 4% Bitcoin back on each purchase

* Coinbase announced the launch of perpetual futures in the U.S., with plans to expand to global markets soon

* The exchange also introduced Coinbase Business and opened the waitlist for entrepreneurs interested in starting a business

* Coinbase is also partnering with Shopify to enable USDC checkouts on Base through Shopify Payments and Shop Pay

Coinbase Global Has Suffered Setbacks in Recent Times

As Coinpedia reported earlier, Coinbase has faced backlash over its customer service during periods of account takeovers and reported scams. This, in turn, has seen Coinbase continue to post lower quarterly trades volume compared to Binance and Bybit.

The launch of the new products will be crucial in helping to restore its battered trust among customers.

Moreover, Coinbase is heavily regulated in the U.S. and has huge backing from institutional investors looking to venture into the crypto market. But it will need to use more unique tactics to attract more customers amid the competitive landscape.

The company faces increasing pressure from other crypto exchanges, such as Upbit and Kraken, posing a threat to Coinbase's dominance in the near future.

Despite these challenges, the cryptocurrency industry is expected to experience significant growth in the coming years, driven by the involvement of institutional investors and the establishment of clear crypto regulations. This presents long-term opportunities for Coinbase to expand its operations and market share.