Coinbase announced on Thursday its decision to shut down the Coinbase Pro trading platform that is designed for professional cryptocurrency traders. It will sunset the platform later this year, but did not decide on any date.
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The move came as the crypto exchange is adding advanced trading features on its regular Coinbase.com platform. It led many Coinbase customers to “rely on Coinbase Pro and Coinbase.com for overlapping sets of features, and often experience friction when transferring balances back-and-forth between the two products.”
“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 exchange stated.
A Platform for Professionals
The California-headquartered crypto exchange launched Coinbase Pro 2018. It served as an alternate crypto trading platform only for professional traders, featuring advanced trading tools and access to the order book.
However, now the crypto company is bringing advanced trading features to Coinbase.com, its regular crypto exchange platform targeted at retail traders.
“On Coinbase.com and the Coinbase app, we have been adding advanced crypto features to foster deeper engagement with the cryptoeconomy, such as staking , borrow, dapp wallet and Coinbase Card, in addition to improvements to our core trading experience,” the exchange added.
Coinbase is the largest cryptocurrency exchange in the United States, but it is now facing tough competition from local units of Binance and FTX. However, the exchange is facing some backlash for recent massive layoffs with a tanking share price.
Meanwhile, the exchange assured that it will continue to bring more features to its crypto trading platform.
“Over the next several months, we will continue to launch new upgrades to Advanced Trade before beginning to sunset Coinbase Pro,” the exchange added. “For customers holding funds on Coinbase Pro, there is no action to take- funds will remain safe on Coinbase.”