Coinbase Pro is out, Advanced Trade is in
The American market is the subject of a fierce competition between cryptocurrency exchanges. Exchange firms seek to entice bulls to purchase the drop since prices are falling across the board. They are accomplishing this by making deals that are more and more tempting. The Coinbase Pro exchange is one of Coinbase’s (NASDAQ:COIN) main attractions. The corporation is now making accessing its sophisticated trading capabilities easier than ever. All of this has been made possible by a fresh strategy to include the Pro exchange into its main app. The price of COIN shares has increased as a result of the news.
While exchanges compete for a piece of the U.S. market, Coinbase is already well ahead of the pack. Since its founding ten years ago, the firm has established itself as a cornerstone for American crypto investors. During many of these early years, relationships with early cryptocurrency adopters were naturally built. However, the exchange was immediately pushed in front of a much larger demographic of Wall Street investors following the company’s first public offering (IPO) in 2021.
The company’s acceptance over the past year has greatly benefited by being the first publicly listed cryptocurrency exchange stock. Additionally, it came before the USD Coin (USDC-USD) cryptocurrency’s enormous rise. The stablecoin that is close to Coinbase has become the second-largest stablecoin participant in the world after experiencing a five-fold increase in market capitalization since the COIN stock IPO.
Coinbase’s Pro trading floor is one method it helps people trade in cryptocurrencies more easily. Users might move to more sophisticated crypto trading services using the standalone Coinbase Pro app. Along with hosting more currencies and tokens than the bigger, main Coinbase app, Coinbase Pro also has a more straightforward fee structure, the ability to eliminate trading restrictions, and more investing options including stop and limit orders. It is currently opening up even more people to these sophisticated features.
Coinbase will consolidate advanced features and shutter the Pro app
Coinbase is starting to make some significant efforts in order to stay competitive. Some have incited the ire of investors, such as the contentious employment cancellations the business sprung on new workers earlier in the month. Others, like as the news of Coinbase Pro today, are causing enthusiasm and a little price increase for COIN stock.
Coinbase announced that its Coinbase Pro services will be ending yesterday afternoon. The sophisticated trading service will be shut down by the end of this year. The news was accompanied with an interesting update, however it wasn’t a positive declaration on its own.
Instead of fully abandoning the sophisticated trading capabilities, Coinbase will actually include many of these features on its primary trading platform. Without requiring customers to download a second, independent software, the new service, called “Advanced Trade,” would significantly mimic Coinbase Pro’s features.
One of the most significant points made by Coinbase in its introduction is that it would maintain the same straightforward cost structure that Coinbase Pro offers. Users must pay commission fees on all trades in addition to the competitive costs offered by the main app. These Pro customers will be able to continue avoiding the standard trading costs thanks to Advanced Trade.
Coinbase is closely monitoring how rivals are increasing advantages while it makes its moves. For instance, Binance (BNB-USD) just made history by introducing fee-free trading on Bitcoin (BTC-USD) transactions. These fee-free trades are only the beginning of a wider initiative to provide consumers fee-free cryptocurrency trading. The effectiveness of the move is undoubtedly being closely monitored by Coinbase.
The announcement of the app consolidation is also driving up the price of COIN shares. As the stock seeks to pull itself up past the $50 floor that it has recently found itself at, shares are up over 5%.