Cryptocurrency exchange Coinbase plans to end its trader-focussed platform Coinbase Pro due to "overlapping sets of features” and “friction" generated between the standard version and the pro version of the platform.
Coinbase Pro service was introduced four years ago and since then, it accumulated many users. It was a professional trader-focused platform. Now, as per the new decision taken by the firm, all of its crypto-related activity will now come under one roof.
According to a blog post titled, "Hello Advanced Trade, goodbye Coinbase Pro," Coinbase will be "sunsetting Coinbase Pro to migrate all advanced trading into one unified Coinbase account."
The post authored by Dan Stone, Group Product Manager, and Andrew Herman, Engineering Manager at Coinbase, also added that customers will have "access to popular features like staking, Borrow, Dapp wallet, and Coinbase Card from a single platform balance."
"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," the post added.
Customers can already use Coinbase Advanced Trade via the mobile application of the official website. The Advanced Trade portion of the application will soon have many more features added before the Coinbase Pro officially ends later in 2022.
"For customers holding funds on Coinbase Pro, there is no action to take- funds will remain safe on Coinbase," the post added.
The decision comes days after Coinbase CEO and co-founder Brian Armstrong revealed in a blog post that the crypto exchange will be laying off 18% of its employees due to macroeconomic conditions and a bearish market.