Coinbase will close Coinbase Pro and integrate its services into its main platform

The Coinbase exchange said it will shut down its Coinbase Pro platform and proceed to integrate all functions into its main application site, bringing everything together in one place.

Coinbase and Coinbase Pro will merge

This was announced by the Coinbase team in an official statement posted on their website, stating that Coinbase Pro services will migrate to a new section of the main site called AdvancedTradewhich has been available to all users since March this year, and where there are additional functions for those who want to have more tools when trading cryptocurrencies.

Regarding the service integration, the Coinbase team wrote:

“Many customers rely on Coinbase Pro and Coinbase.com for overlapping feature sets and often encounter friction when transferring balances between the two products.

To solve this friction and give customers the best of both worlds, we’ve rebuilt the entire Coinbase Pro advanced trading experience in the Coinbase mobile app and on Coinbase.com. As we continue to add new features to Advanced Trade on Coinbasewe will be shutting down Coinbase Pro later this year.”

While there is no exact date for the full merger yet, the Coinbase team said they will advise exact dates in due course and clarified that anyone with funds in Coinbase Pro will not have not to move them, because they will be transferred to the main account:

“For customers who have funds on Coinbase Pro, no action needs to be taken; the funds will remain safe on Coinbase. In the meantime, customers can start using Advanced Trade on the Coinbase mobile app and on Coinbase.com.”

The market crash and Coinbase

While the move aims to bring everything together in one place for the benefit of customers, critics and analysts point out that it also highlights the effects of the market downturn on the exchange, which has already had to make operational changes to ensure the continuity of its activities.

The unification of the two platforms could also be interpreted as an attempt to reduce costs aimed at unifying the services in order to no longer have to maintain two separate platforms.

As the prices of major cryptocurrencies plummeted, Coinbase said it had to lay off about 1,100 employees, or about 18% of its workforce, to reduce costs and maintain its current operational programs.

In a recent interview, an exchange executive said that further reductions in the number of Coinbase employees are still possible if conditions warrant. Although he said they would prefer not to go for such a move, he pointed out that it would depend on how the market develops as such.

Shares on the stock exchange have also been affected and their prices have fallen in recent weeks. Goldman Sachs analysts have recommended that interested individuals sell $COIN as the outlook for the stock market does not look very encouraging in the near term.

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