Cryptocurrency exchange Coinbase will close the Coinbase Pro platform

According to Coinbase.com/">Coinbase representatives, the crypto exchange plans to close the Coinbase Pro platform with advanced functionality for trading digital assets.

The exact dates of the service’s termination have not yet been announced, but it was reported that the platform will stop working by the end of 2022. However, users will not be left «with nothing» — the exchange will open the Advance Trade section in the mobile application. Coinbase has promised that Advance Trade will guarantee users the same low commission as Coinbase Pro. The developers assure that they are working to make Advance Trade a more advanced version of Coinbase Pro, where new features for traders will be integrated.

Currently, the Coinbase Pro platform lacks services for staking and lending in digital assets — users have to transfer cryptocurrency between Coinbase and Coinbase Pro accounts to block coins or take out a loan in virtual currencies. With Advance Trade, such difficulties will disappear, as it will be part of the Coinbase mobile app.

Currently, Coinbase is going through hard times due to market volatility. Last week, the international rating agency S&P Global Ratings published a negative forecast for the exchange’s profitability for the next 12 months: it predicts a decline in revenues and an increase in expenses.