Coinbase, the largest crypto exchange in the U.S., is looking to discontinue Coinbase Pro and integrate its features into its mobile app and website through Advanced Trade, the company announced June 23.
According to the announcement, the current setup forces users to rely on different sets of features when using Coinbase Pro and Coinbase.com. Coinbase Pro allows experienced traders to place trades and interact directly with the exchange’s order book. On the other hand, Coinbase.com offers perks like staking, borrowing, and access to a dApp wallet, to name a few.
As a result, most users have to move funds back and forth between the two products to satisfy their crypto trading needs on the exchange. To address this shortcoming, Coinbase has rebuilt the Coinbase Pro advanced trading experience within Coinbase.com and the Coinbase mobile app.
At the moment, Coinbase is adding features to Advanced Trade, which will serve as Coinbase Pro’s replacement. The exchange plans to start shutting down Coinbase Pro later this year.
Advanced Trade is equipped with all the capabilities of Coinbase Pro, but upgraded with the most seamless Coinbase experience to make informed trades, faster and easier.
Improving user experience
Before announcing plans to phase out Coinbase Pro, Coinbase redesigned its mobile app to include a dApp browser. The dApp browser will enable the exchange’s users to easily search decentralized finance (DeFi) protocols, non-fungible tokens (NFTs), and games.
According to a demo posted on Coinbase Wallet’s Twitter account, the browser’s homepage comprises top dApps to allow users to seamlessly complete token swaps. Additionally, the dApp browser features bookmark pages and autocomplete search functionalities, further streamlining the user experience.
Coinbase also rolled out the beta version of its NFT marketplace to the public in the past month. However, the marketplace is yet to step up the pace. Thus far, Coinbase NFT has recorded a volume of $2,587,035. The marketplace hit its highest daily volume of $209,392.70 on June 1. In contrast, OpenSea recorded a volume of $47,701,583 on the same day.
Despite Coinbase’s efforts to create an all-inclusive platform, the company still faces stiff competition. For instance, Binance.US launched zero-fee trading for Bitcoin (BTC) yesterday, positioning itself to attract more BTC adopters as the bear market intensifies.
With Binance.US looking to expand this offer into other tokens, other exchanges will have to either lower their trading fees or embrace a similar zero-fee trading structure to stay competitive.