Coinbase today announced it has decided to shut down its professional crypto trading platform Coinbase Pro. The sunset of the app is planed for later this year, although no specific date was given.
The crypto exchange revealed that it is migrating its advanced trading features to its regular Coinbase.com platform.
The official announcement said:
Over the coming weeks, we’ll be rolling out Advanced Trade in the Coinbase mobile app along with other improvements to make Advanced Trade an upgrade from Coinbase Pro for every customer.
Coinbase Pro was launched in 2018 as a tool for advanced traders. Meanwhile, the exchange has been adding advanced features on Coinbase.com to encourage more engagement with the crypto trading. Coinbase’s regular crypto exchange platform, Coinbase.com, now has advanced crypto features such as such as staking, borrow, dapp wallet and Coinbase Card.
As a result, there has been overlap in features and customers “often experience friction when transferring balances back-and-forth between the two products.”
The exchange stated:
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.
Coinbase’s regular crypto exchange platform, Coinbase.com, now has advanced crypto features such as such as staking, borrow, dapp wallet and Coinbase Card.
Meanwhile, the US exchange announced earlier in June that it is planning to reduce its staff by 18%, motivated by the growing economic recession.