Coinbase shuts down its professional trading platform Coinbase Pro

The platform for Coinbase Pro professionals is coming to an end

As the negative phase in the cryptocurrency markets continues, the companies associated with them must inevitably reduce costs in order to cope with what is referred to in jargon as 'cryptozima'.

Coinbase, the US stock market, which has been publicly traded on the Nasdaq since last year, after announcing in recent days its redundancies of approximately 1,100 employees, approximately 18 % from the total workforce, now intends to close its Coinbase Pro service to more experienced traders, which was in the past, it was unable to attract more new users and had costs that the company now considers excessive.

The Pro, a completely autonomous service, offered lower fees to merchants who communicated directly with the Coinbase Exchange order book.

The basic service, which is more expensive for users because it charges fixed fees and not proportional as Pro, is clearly little used by experienced traders, so Advanced Trade, a service that offers comparable features but will be directly linked within Coinbase and main site.

Coinbase announcement of its latest decision

Contribution on the company blog explains the news:

"Later this year, we will be retiring Coinbase Pro to migrate all advanced trading into a single Coinbase account, bringing customers popular features such as staking, loan, dApp wallet and Coinbase card from a single platform.

Coinbase Pro was launched in 2018 as a tool for advanced traders to perform technical analysis and execute trades by directly interacting with the Coinbase stock order book with lower fees than the basic Coinbase application.

According to comments on social networks, the news does not seem to please users and merchants who use Coinbase Pro, especially due to the functionality and low fees that the company promised to maintain in the new service offered.

The contribution continues:

“Advanced Trade offers more detailed technical analysis, advanced real-time order books and charts based on TradingView that help customers research and analyze crypto markets before making investment decisions.

It is difficult to say whether this new service will be successful or not. What is certain is that Coinbase shares lost 8 % after the announcement, bringing the loss to almost 80 % in the last year.

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