Bitcoin services provider Coinbase has added stop orders to its Coinbase Exchange product, allowing customers to buy and sell the digital currency at a previously set price.
describes the service as a way to allow users to protect profits while improving their experience with the exchange product. Since Coinbase launched the exchange in January 2015, it has put an increasing emphasis on the product, indicating in recent messaging that it is first and foremost an exchange product.
In a widely circulated Medium post, CEO Brian Armstrong indicated in February his view that the perception that Coinbase was both a consumer wallet and an exchange product is creating issues for users.
As such, the stop loss feature represents the first signal that Coinbase is seeking to publicly follow through on the statements of its CEO.
In his post, Armstrong went on to stress that Coinbase would continue to prioritize its exchange product, and indicated that customers seeking to use its services as a wallet product were likely to continue to experience frustrations.
Disclaimer: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Coinbase.
Trading image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.