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American cryptocurrency trading platform Coinbase has announced plans to close down its advanced trading platform, Coinbase Pro by the end of the year.
According to an update shared by Dan Stone, Group Product Manager, and Andrew Herman, Engineering Manager, the plan to faze out Coinbase Pro is hinged on the fact that the exchange has developed an alternative which is now being integrated with the main Coinbase platform.
Prior to this time, Coinbase customers that want to trade in an advanced setting using the exchange’s Order books makes use of the Coinbase Pro platform. Jostling between the main Coinbase Global Inc (NASDAQ: COIN) exchange and the Coinbase Pro often creates some kinds of friction that generally undermines the plans to make simplicity the hallmark of the platform.
“To resolve this friction and offer customers the best of both worlds, we have rebuilt the full Coinbase Pro advanced trading experience within the Coinbase mobile app and Coinbase.com. As we continue to add more features to Advanced Trade on Coinbase, we will sunset Coinbase Pro later this year,” the duo said in the announcement.
The Advance Trading interface has all of the features of Coinbase Pro and while the former will be more suitable for experienced traders, the exchange said the latter platform will still be accessible for users who are interested in making use of it pending when it will be shut down.
“We’ll also be adding mobile stop limit orders, additional charting and order form upgrades, and full REST API & WebSocket support soon. Looking forward, Advanced Trade will serve as a hub for our most advanced traders, improving even more as we launch new features. Until then, existing customers will still have access to Coinbase Pro.”
Coinbase Exchange Doubling Down to Beat Competition
Coinbase exchange has been working hard to ensure that its platform has all of what it needs to compete in this dynamic ecosystem where the competition has continued to grow. The trading platform wants to make its platform a one-stop-shop for all crypto trading or investment products including staking.
Investors or users are notably in search of convenience, and they will largely gravitate towards a platform where they can easily get this. Despite its large liquidity, Coinbase exchange is facing stiff competition from the likes of Kraken, Gemini, FTX US, and Binance.US, all of which are jostling for a larger part of the market share.
Binance.US announced earlier this week that it has removed trading fees for Bitcoin (BTC) pairs on its platform, a move that comes off as one of the ways Coinbase’s competitors are going the extra mile to win more users over. Over the course of the next few months, Coinbase said it will be sharing details of new upgrades to the Advanced Trading offshoot as it looks to serve its customers across the globe.