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 …