Major changes continue in Coinbase, with a view to making them effective in the coming months. The renowned cryptocurrency exchange platform announced that will decommission Coinbase Pro your space with trading tools for advanced users that allows you to trade with lower commissions.
The company’s intention is encourage adoption of Advanced Trade which was launched this year and, unlike Coinbase Pro which worked separately, is integrated into the main platform of the exchange.
According to the firm led by Brian Armstrong, since both products offer identical or very similar functions, this causes “friction” between users when interacting with them. For this reason, it has been decided to simplify and gradually start the process of withdrawing Coinbase Pro.
“Over the next few months, we will continue to release new enhancements to Advanced Trade before we begin shutting down Coinbase Pro. We will share updates as we do,” the US company explained. In addition, Coinbase promises to keep its commissions low in the migration that will determine the cessation of your Pro tools.
In this way, Coinbase Pro will say goodbye after only four years on the market. Let’s not forget that the platform debuted in 2018 and quickly became a favorite among advanced traders. “Advanced Trade is equipped with all the capabilities of Coinbase Pro, but updated with the smoothest Coinbase experience for faster, easier, and more informed trades,” they said.
Coinbase Pro Says Goodbye, Amid Big Market Changes
The news comes at a time of great tension for the cryptocurrency market. The fall in the prices of these assets has revived the competition between the main centralized exchanges, especially in the United States. Without going any further, Binance announced yesterday the elimination of commissions to trade Bitcoin against USDT, USDC and BUSD, the three most important dollar-pegged stablecoins today; an exclusive measure to capture the attention of the North American public.
Coinbase has been one of the many companies hit by the so-called “crypto winter.” Last week, the firm announced the layoff of 18% of its workforce; that is, about 1,100 employees. Brian Armstrong himself acknowledged that the company “had grown too much” during the explosion of cryptocurrencies, but that the bear market -and the consequent price collapse- forced to take tough measures to remain sustainable.
Binance He did not miss the opportunity to take advantage of this situation. As his rivals announced massive cuts in his staff, he announced his plan to hire 2,000 new workers. As long as FTX another major cryptocurrency exchange platform in the United States, has come to the rescue of BlockFia firm that grants loans in crypto assets and that came under fire after the problems of Celsius, one of its main rivals.
But coming back to Coinbase, a specific date for the retirement of Coinbase Pro has not yet been mentioned. As we already indicated, the company has only mentioned that it will gradually update Advanced Trade; once this process is finished, it will unsubscribe the tools originally intended for its most advanced users. Until that happens, users will be able to continue trading in Coinbase Pro as normal.