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Coinbase Phasing Out 'Pro' Exchange: What You Need To Know

Published 23/06/2022, 06:37
Updated 23/06/2022, 07:10
© Reuters. Coinbase Phasing Out 'Pro' Exchange: What You Need To Know

Major cryptocurrency exchange Coinbase (NASDAQ:COIN) Global Inc (NASDAQ: COIN) plans to phase out Coinbase Pro, its trading platform targeted at more advanced traders.

What Happened: Coinbase said it plans to wind down its Pro service by the end of the year.

It is a standalone platform that is separate from Coinbase.com where a majority of retail traders buy and sell cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE).

The service will be replaced by a new feature called “Advanced Trade” that will exist within the Coinbase.com app itself.

While Advance Trade offers comparable trading features, the news was met with skepticism from a number of traders on Twitter (NYSE:TWTR).

See Also: HOW DOES COINBASE MAKE MONEY?

A large part of traders’ concerns was centered around a potential disruption in Coinbase Pro’s favorable fee structure. However, Coinbase plans to keep Coinbase.com's fee structure separate from that of Advanced Trade, suggesting that advanced traders might still benefit from less expensive trading fees.

The Advanced Trade section is already live on Coinbase.com and the crypto exchange plans to roll out a mobile version within the Coinbase app over the next few weeks.

Price Action: According to data from Benzinga Pro, Coinbase shares traded 1.25% lower during the after-hours session.

Meanwhile, at press time, Bitcoin was trading at $20,250, down 0.26% over the last 24 hours.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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