Coinbase to Shut Professional Crypto Trading Platform Coinbase Pro

Coinbase announced on Thursday its decision to shut down the Coinbase Pro trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term that is designed for professional cryptocurrency traders. It will sunset the platform later this year, but did not decide on any date.

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 Staking Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Read this Term, 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.”