The subscription service has a focus on European expansion.

Saturday, May 20, 2023|

In a bid to retain users and grow its recurring revenue streams, the second-largest exchange in the world is launching a subscription service in 35 countries. The company will roll out the service in 31 other European countries in the coming months. People pay a fee and come in to trade.

There was a lot of growth during the bull market, but we wanted our customers to stay. At least for now, the strategy seems to be working, at least for now. In the first quarter of 2023, the company's subscription and services revenue was $361.7 million, a 138% increase over the first quarter of the previous year.

According to the company's Q4 2022 shareholder letter, subscription and services revenues grew 17x to $793 million from less than $50 million in 2020..