Cryptocurrency exchanges have been rushing to attract more users as the crypto winter persists. Coinbase, the largest cryptocurrency exchange in the US by trading volumes, is launching new features to attract users. It faces stiff competition from other companies like Binance, which recently launched zero-fee Bitcoin trading.
Coinbase launches advanced charting
On June 22, Coinbase published a blog post saying it was phasing out “Coinbase Pro.” This service would be replaced by “Advanced Trade, which would exist alongside the other crypto investment products offered by the exchange.
The exchange said that Coinbase Pro would be gradually phased out later this year. All advanced trading would be supported on one platform, with customers accessing a wide range of features such as staking, borrowing, DApp wallet, and the Coinbase card.
While this feature will boost accessibility, the change seems to have little impact on the functions of the exchange. Advanced Trade has several similar characteristics to Pro. These features include the fee structure and trade execution, as the platform interacts directly with the exchange order book.
In the blog post, the exchange said Advanced Trade came with all the capabilities of Coinbase pro. The main difference is a seamless experience that facilitates fast, easy, and more informed trades.
The Advanced Trade dashboard offers in-depth technical analysis, making it preferable for a professional trader. It also provides advanced real-time order books and Tradingview-powered charts to give customers the ability to research and analyze different crypto assets before making an informed decision.
The exchange said that it would launch several upgrades to Advanced Trade in the coming months before sunsetting Coinbase Pro. The exchange plans for the feature to be available on both the website and mobile application.
The exchange makes a series of changes
The exchange is among the companies affected by the massive decline in cryptocurrency prices. It announced it would lay off some of its employees in May to cope with the ongoing market conditions.
However, the publicly listed exchange has not shied away from launching new features to expand its trading volumes and grow the number of users. On August 1, Coinbase Prime announced adding Ethereum to the list of staking options available for domestic institutional clients in the US.
This product will provide another on-ramp that institutions can use to onboard into the cryptocurrency sector. US institutional investors have shown increased interest in the crypto industry. The recent move could give them the platform they are looking for to explore yield generation through staking.
The exchange has also been under the regulatory radar despite aggressively pursuing new offerings. A former Coinbase employee was arrested after the US Securities and Exchange Commission filed insider trading charges. Moreover, the SEC has also accused Coinbase of listing security tokens.
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