Coinbase Pro, a tool for advanced traders using Coinbase, will be shut down later this year.
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The exchange said on Wednesday that its advanced trading platform will be phased out by the end of 2022. The pro platform was launched in 2018 for advanced traders looking to conduct technical analysis and place trades by interacting directly with the Coinbase order book.
Coinbase is instead incorporating advanced trading features into Coinbase.com, giving customers access to its decentralized app wallet, staking and borrowing.
These new features were announced at the beginning of March and are currently available online. Advanced trade features will be available on the Coinbase mobile app in the coming weeks, according to Wednesday’s announcement.
This comes as the exchange faces renewed competition from competitors, including Binance. The exchange’s US affiliate, Binance.US, revealed it was removing fees for certain bitcoin trades on Wednesday.
Shares in Coinbase, which laid off 18% of its staff on June 14, plunged during trading on Wednesday — closing down 9.7%.
© 2022 The Block Crypto, Inc. All Rights Reserved. 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.
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