By the end of this year, Coinbase Pro will be phased out, according to the company. The exchange wants to incorporate Coinbase Pro's functionality into Coinbase Advanced Trade, its consumer app. Due to excessive costs on Ethereum, Coinbase has also announced the inclusion of Polygon and Solana on its network.
The bitcoin exchange Coinbase has announced two significant developments in blog postings. The first is that Coinbase Pro will eventually be discontinued this year in favor of Coinbase Advanced Trade.
The exchange introduced Coinbase Pro in 2018 as a product for advanced traders seeking features and technical analysis. To integrate some of these sophisticated capabilities, the platform focused on both the Coinbase.com website and mobile application at the same time. Some of the "overlapping set of traits" thus caused "friction."
As a result, the exchange plans "to combine the capabilities and fee schedule of Coinbase Pro" into the Coinbase consumer app over the coming several months.
Removing a glitch
According to the blog, "We have redesigned the whole Coinbase Pro advanced trading experience within the Coinbase mobile app and Coinbase.com to address this friction and provide consumers the best of both worlds. Later this year, we will discontinue Coinbase Pro as we continue to add capabilities to Advanced Trade on Coinbase.
In addition to technical analysis, Advanced Trade will reportedly provide its clients with TradingView charting and more sophisticated real-time order books. According to the press release, users who have money in Coinbase Pro don't need to do anything because their money will be safe there. Customers are invited to start using Advanced Trade on Coinbase.com and the Coinbase mobile app in the interim.
However, if users have been making direct transfers from Coinbase Pro, they must fund their Coinbase accounts in order to complete the switch before Pro is discontinued.
Polygon and Solana are integrated by the Nasdaq-listed firm
The exchange disclosed the addition of Polygon and Solana to its network in a subsequent update. Coinbase has stated that "Sending crypto on Ethereum has grown increasingly expensive for individual users and institutions" as a result of the high Ethereum costs. Furthermore, "Eligible Coinbase customers will be able to send and receive ETH, MATIC, and USDC on Polygon, as well as USDC on Solana, over the course of the next month."
The exchange added: "With the Polygon integration, Coinbase has provided the ability to transfer and receive these assets on an L2 or sidechain for the first time. According to the exchange, customers will be able to fund their Polygon and Solana wallets by converting fiat currency to cryptocurrency.
