Crypto exchange Coinbase (COIN) said Wednesday it will phase out its trader-focused “Coinbase Pro” in favor of “Advanced Trade,” a similar exchange service that unlike Pro lives alongside Coinbase’s other crypto investment products.
The “sunsetting” will happen later this year, a blog post said. Advanced Trade, which is now live on desktop but not on mobile, is already prompting users to migrate their funds over from Pro, a reporter found Wednesday.
The move comes as exchanges jockey for users; Binance.US announced earlier Wednesday it was eliminating trading fees on bitcoin transactions.
Perhaps the biggest result of the move will be more accessibility for retail traders who were unaware that they could often find cheaper fees on Pro, which uses a different URL and has a standalone app.
Other than accessibility, however, the change appears to have little functional impact on trading on Coinbase. Advanced Trade mirrors Pro in fee structure and trade execution, as it interacts directly with the Coinbase exchange order book, the blog post said.
Coinbase pledged to launch more features for Advanced Trade in the coming months as it gets close to the end for Coinbase Pro, which was formerly known as GDAX. Mobile services are also in the works, according to the blog post.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.