Coinbase Pro is shutting down at the end of 2022

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2022-06-25 04:58:42

The professional trader trading platform Coinbase Pro will be shutting down later this year. Coinbase is gradually integrating cross-wallet balance and trading features into one unified account.

Coinbase Pro is shutting down at the end of 2022

Among Coinbase’s many product branches, Coinbase Pro was launched in 2018 to serve professional traders with over 250 cryptocurrencies.

However, it seems that too many product branches confuse users. So, this US-based exchange decided to gradually bring advanced trading features into a single address, Coinbase.com.

All trading features are integrated into Advanced Trade – with trading volume, coin pairs and fee structure similar to Coinbase Pro.

According to the announcement from Coinbase:

“For Coinbase Pro users, you do not need to take action with the assets that are not in order.

We encourage all users to start trying Advanced Trade on the Coinbase.com mobile app and web.”

This improvement aims to improve the user experience and gradually remove the overly troublesome features of the floor. Coinbase is the leading cryptocurrency exchange in the US but is struggling because of the overall gloomy situation of the market. The exchange reported a loss of 430 million USD in Q1/2022, leading to a serious drop in COIN stock price, down more than 70% in 2022 and more than 80% compared to the ATH mark at 430 USD right after being listed on the stock exchange in April 2021. Even recently, the exchange laid off 1,100 employees.

Meanwhile, Coinbase’s rising rival in the US market, Binance.US, announced free Bitcoin transactions to attract new users. In addition, CZ revealed that Binance US is considering a roadmap for an IPO. When Coinbase struggled to cut staff, Binance still promoted recruitment.

But if there is something “in common” between these two competitors, then both Coinbase and Binance US are being sued for listing UST “blamelessly.”

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