Coinbase to sunset Coinbase Pro

Coinbase is set to shut down the professional branch of their trading platform, Coinbase Pro, revealing in an announcement that it will be bringing the professional trading features to Coinbase.com.

The decision to shut down Coinbase pro comes as the largest crypto exchange in the US cuts its workforce by 18%, with the co-founder noting that they ‘grew too quickly’ and ‘over-hired’ during the bull market of the last few years.

Meanwhile, Coinbase is aiming to bring further features to their main platform, as a way to further engage their user base, with the announcement noting that there were a series of overlapping products on Coinbase.com and Coinbase Pro that added “friction” when transfers between the two products were undertaken. 

“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,”

Coinbase also assured its users that it will continue to include 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.”

With the crypto company preparing to sunset Coinbase Pro, they have underlined the benefits of Advanced Trade on Coinbase.com such as offering “a more in-depth technical analysis, advanced real-time order books, and charting powered by TradingView”, as well as improved order flows and stop order limits.

The platform revealed that it would be ​​continuing to launch new upgrades to Advanced Trade prior to shutting down Coinbase Pro. 

Customers who currently hold funds on Coinbase Pro will not have to do anything, with Coinbase confirming that their funds will remain safe on the Coinbase.com platform.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.