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Coinbase partners with American Express to launch its first credit card, exclusive to U.S. Coinbase One members.
New card offers 2%-4% back in bitcoin and AMEX benefits; lower-cost “Basic” subscription tier introduced.
Subscription revenue seen as key growth driver amid broader crypto product expansion.
Coinbase is doubling down on its subscription strategy, launching its first branded credit card in partnership with American Express. The move enhances Coinbase One—a $29.99/month premium service—by integrating real-world spending with crypto rewards.
Starting this fall, U.S.-based Coinbase One members will be eligible for the AMEX-powered card, earning between 2% and 4% back in bitcoin. Cardholders will also access travel, purchase protections, and other AMEX network benefits. For those seeking a lower-cost entry point, Coinbase is rolling out a “Basic” tier at $4.99 per month or $49.99 annually, offering fewer perks.
“We see real potential in the combination of Coinbase and crypto with the powerful backing of American Express,” said Will Stredwick of American Express Global Network Services at the State of Crypto Summit in New York City.
Shifting Business Mix Toward Subscriptions
While Coinbase’s trading operations remain its core revenue generator—bringing in $1.26 billion in Q1 2025—the firm’s pivot to subscriptions and services is gaining momentum. Subscription and services revenue reached $698.1 million last quarter, driven by products like Coinbase One, stablecoins, and staking.
Analysts view this recurring revenue as a long-term valuation anchor. “Subscription revenue growth will be the reason long-term investors own the stock,” said William Blair analyst Andrew Jeffrey.
Since its 2023 launch, Coinbase One has grown to over 1 million members. The firm is also expanding its ecosystem through platforms like Base and a self-custody wallet, underscoring its ambition to become a diversified crypto infrastructure provider.
Crypto-Fintech Synergies Grow
This is Coinbase’s first credit card offering, following a 2020 Visa debit card launch. Previous crypto-credit card efforts from players like Abra and Venmo have seen mixed results, with several programs shelved or scaled back. However, the Coinbase-AMEX collaboration signals renewed confidence, aligning with favorable political tailwinds and anticipated crypto regulation clarity from Congress.
As Coinbase positions itself at the center of the crypto-fintech convergence, the AMEX card marks a strategic step in embedding digital assets deeper into consumer finance.
