Coinbase has announced a new promotion aimed at luring high-volume traders away from rival cryptocurrency trading platforms.

"We’re making it possible for high volume traders from other exchanges with over $500,000 in monthly trading volume to fast-track to lower fee tiers and pay as low as 0.0% maker fees on spot trades on Coinbase Advanced," the company said in a blog post. 

Coinbase's move comes as the U.S.-based cryptocurrency exchange is slated to announce, later this month, its fourth-quarter earnings for 2023. Last year, Coinbase confronted declining transaction revenue as a result of lower trading volumes. The company has already flagged that transaction revenue for last year's fourth quarter will likely be similar to previous quarters.

"We know that fees are one of the most important factors when it comes to selecting and trading on a crypto exchange," the company also said. "VIP and high volume traders who use other crypto exchanges can now get upgraded to lower fee tiers by providing proof of their trading volume, allowing them to trade with lower fees on Coinbase Advanced from the start."

Coinbase said the no-fees, promotional period for qualified traders who open an account with the platform will last 60 days. After which, "monthly trading volume on Coinbase will determine their ongoing fee tier. For example, traders with between $1 million and $15 million of trading volume may qualify for maker fees of .07%," the company said.

Earlier this week, Coinbase announced it will begin charging a fee of 0.1% when institutional clients make USDC to USD net conversions in excess of $75 million.

Coinbase, which does the vast majority of its business in the U.S., has also been pursuing an international expansion. The company recently secured licenses in France, Spain, Singapore and Bermuda, and has expanded access to its products to over 20 African nations.

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