In recent blog posts, cryptocurrency exchange Coinbase made two crucial announcements. The first of which is that it will be phasing out Coinbase Pro later this year to focus on Coinbase Advanced Trade.
Coinbase Pro, which was launched by the exchange in 2018, was an offering for advanced traders looking for technical analysis and expert features. However, simultaneously, the platform also focused on the Coinbase.com site and app to add some of these advanced features. As a result, some of the ‘overlapping set of features’ led to ‘friction.’
Therefore, over the next few months, the exchange is looking ‘to merge the features and fee schedule of Coinbase Pro’ into the Coinbase consumer app.
The blog noted, “To resolve this friction and offer customers the best of both worlds, we have rebuilt the full Coinbase Pro advanced trading experience within the Coinbase mobile app and Coinbase.com. As we continue to add more features to Advanced Trade on Coinbase, we will sunset Coinbase Pro later this year.”
According to Coinbase, apart from technical analysis, Advanced Trade is set to offer more advanced real-time order books, and TradingView charting to its customers. The release also stated, “For customers holding funds on Coinbase Pro, there is no action to take- funds will remain safe on Coinbase. Meanwhile, customers are welcome to begin using Advanced Trade on the Coinbase mobile app and Coinbase.com.”
Notably, the change will not affect users on the Coinbase Exchange.
That said, customers are required to fund their Coinbase accounts if they have been making direct transfers from Coinbase Pro to make the shift before Pro is taken off the market.
The Nasdaq-listed company integrates Polygon and Solana
In another update, the exchange announced the integration of Polygon and Solana on its network. On the back of high Ethereum fees, Coinbase has highlighted that “Sending crypto on Ethereum has become increasingly expensive for individual users and institutions.” Further adding that “Over the next month, eligible Coinbase customers will be able to send and receive ETH, MATIC, and USDC on Polygon, and USDC on Solana.”
“The Polygon integration marks the first time Coinbase has enabled the ability to send and receive these assets on an L2 or sidechain,” the exchange added.
As per the exchange, this means that users will be able to convert fiat to crypto and fund their Polygon and Solana wallets.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.