Coinbase crypto exchange has decided to put a fullstop to its advanced, trader-centric service called ‘Coinbase Pro’. The service will be faded out gradually by the end of this year. A new venture called ‘Advanced Trade’ will be replacing the Pro service. This will offer comparable features, which will remain within the main Coinbase app and site itself. As per Coinbase, duplicated features and glitches in balance transfers with Pro are the reason behind its upcoming shutdown.
Launched in May 2018, the standalone Coinbase Pro service offered transactions in lower fees to traders. It also interacted directly with the Coinbase Exchange order book. The development has been met with major flak on social media.
Coinbase is merely aiming to merge these advanced trading services within its main app, its Chief Product Officer, Surojit Chatterjee wrote on Twitter, reacting to an angry investor.
@rleshner Happy to discuss. We’re *not* phasing out our Exchange. We continue to double down Coinbase Exchange. API users already use Coinbase Exchange API. Pro UI which sits in a separate app has been enhanced and pulled into our flagship app with the fees also carried over.
— surchatt.eth (@surojit) June 23, 2022
If anyone was not using coinbase pro you’ve been ripped off the last few years
— Jerome (@andwhynotIII) June 22, 2022
On June 21, Coinbase Pro users complained about not being able to log into their respective accounts.
At the time, the crypto exchange said its servers were facing connectivity issues, leading to failed transactions and other app glitches. The issue was later resolved.
We’re experiencing connectivity issues across Coinbase and Coinbase Pro. This may cause failed trades, delayed transactions, and unexpected behavior on the webpage and mobile apps. We are actively working on the issue and will post an update soon.
— Coinbase Support (@CoinbaseSupport) June 21, 2022
Coinbase, led by crypto mogul Brian Armstrong, has been making some structural and functional changes in order to boost its ‘efficiency’.
Currently, the crypto market is struggling to overcome losses caused due to US’ interest rate hikes, the crash of Terra and Celsius Network, as well as a low-risk appetite from investors in recession-like circumstances.
Earlier this month, Coinbase announced the lay-off of 18 percent of its workforce in the backdrop of losses hitting the digital assets sector.
Taking full accountability of over-hiring, Armstrong noted that the company had onboarded too many members in recent months, that was now hindering the firm’s efficiency.