Coinbase, the largest cryptocurrency exchange in the US, intends to end support for Coinbase Pro and integrate its features into its mobile app and website through Advanced Trade. announced June 23.
According to the announcement, the current setup forces users to rely on different feature sets when using Coinbase Pro and Coinbase.com. Coinbase Pro allows experienced traders to place trades and interact directly with the exchange’s order book. On the other hand, Coinbase.com offers perks such as staking, borrowing, and dApp wallet access, just to name a few.
As a result, most users have to move funds between the two products in order to satisfy their need to trade cryptocurrencies on an exchange. To address this shortcoming, Coinbase has rebuilt the Coinbase Pro enhanced trading experience on Coinbase.com and the Coinbase mobile app.
For now, Coinbase is adding features to Advanced Trade that will replace Coinbase Pro. The exchange is planning to start shutting down Coinbase Pro later this year.
According to Coinbase,
Advanced Trade is equipped with all the features of Coinbase Pro, but enhanced with the most user-friendly Coinbase interface to make informed trades faster and easier.
User Experience Improvement
Before announcing plans to phase out Coinbase Pro, Coinbase redesigned its mobile app to include a dApp browser. The dApp browser will allow exchange users to easily search for decentralized finance (DeFi) protocols, non-fungible tokens (NFTs), and games.
According to demo hosted on the Coinbase Wallet Twitter account, the browser home page contains the best dApps to allow users to seamlessly perform token exchanges. In addition, the dApp browser has bookmark pages and search autocomplete features, further simplifying the user experience.
Coinbase also released a beta version of its NFT trading platform last month. However, the market has yet to pick up the pace. Still, Coinbase NFT fixed the volume at $2,587,035. The marketplace reached its highest daily volume of $209,392.70 on June 1st. Against, The open sea on the same day recorded a volume of $47,701,583.
Despite Coinbase’s efforts to build a one-stop platform, the company still faces stiff competition. For example, Binance.US launched Zero-fee bitcoin (BTC) trading yesterday, positioning itself to attract more BTC supporters as the bear market intensifies.
As Binance.US looks to expand this offering to other tokens, other exchanges will either have to lower trading fees or use a similar zero-fee trading structure to remain competitive.
Credit : cryptoslate.com