Coinbase Pro was a cryptocurrency exchange that was acquired by Coinbase in 2018. The platform offered a variety of features that were designed to appeal to professional traders, including margin trading, stop-loss orders, and a variety of order types.
In June 2022, Coinbase announced that it would be sunsetting Coinbase Pro and replacing it with Coinbase Advanced Trade. The new platform would offer all of the same features as Coinbase Pro, as well as a number of new features, such as staking rewards and a more user-friendly interface.
The decision to sunset Coinbase Pro was met with mixed reactions from the crypto community. Some users were disappointed to see the platform go, while others welcomed the changes that were being made to Coinbase Advanced Trade.
What is Coinbase Advanced Trade?
Coinbase Advanced Trade is a new cryptocurrency exchange that was launched by Coinbase in November 2022. The platform offers a variety of features that are designed to appeal to professional traders, including:
- Margin trading: With margin trading, you can borrow money from Coinbase to fund your trades. This can allow you to increase your profits, but it also increases your risk.
- Stop-loss orders: Stop-loss orders allow you to automatically sell your cryptocurrency if the price falls below a certain level. This can help you to limit your losses if the market turns against you.
- A variety of order types: Coinbase Advanced Trade offers a variety of order types, including market orders, limit orders, and stop orders. This gives you more control over your trades.
- Staking rewards: Coinbase Advanced Trade offers staking rewards for a variety of cryptocurrencies. This means that you can earn interest on your cryptocurrency holdings simply by holding them on the platform.
- A more user-friendly interface: Coinbase Advanced Trade has a more user-friendly interface than Coinbase Pro. This makes it easier for new traders to get started.
Why did Coinbase sunset Coinbase Pro?
Coinbase has not officially stated why it decided to sunset Coinbase Pro. However, there are a few possible reasons:
- To simplify its product offering: Coinbase offers a variety of products and services, including a cryptocurrency exchange, a custodial wallet, and a lending platform. By sunsetting Coinbase Pro, Coinbase can focus its resources on developing and improving its other products.
- To compete with other exchanges: Coinbase is facing increasing competition from other cryptocurrency exchanges, such as Binance and Kraken. By offering a more advanced trading platform, Coinbase can attract more professional traders.
- To prepare for the future: The cryptocurrency market is still in its early stages of development. As the market matures, there is a demand for more advanced trading tools and features. By sunsetting Coinbase Pro, Coinbase can position itself as the leading platform for professional traders.
What does the future hold for Coinbase Advanced Trade?
Coinbase Advanced Trade is still a new platform, but it has the potential to become the leading platform for professional traders. The platform offers a variety of features that are designed to appeal to professional traders, and Coinbase has a strong track record of innovation.
In the future, it is likely that Coinbase Advanced Trade will continue to add new features and improve its existing features. The platform will also likely face increasing competition from other cryptocurrency exchanges. However, Coinbase has a strong track record of innovation and it is well-positioned to compete in the future.
Conclusion
The sunsetting of Coinbase Pro was a significant event in the cryptocurrency community. The platform was a popular choice for professional traders, and its closure will leave a void in the market. However, the launch of Coinbase Advanced Trade is a positive development. The platform offers a variety of features that are designed to appeal to professional traders, and it is likely to become a popular choice for those who are looking for a more advanced trading platform.
