The largest crypto exchange in the United States, Coinbase, plans to merge its ‘pro’ platform with the main app. Currently, the company has two separate exchnages targeting different user bases. The primary one is the Coinbase app which has a simple user interface, a lesser number of supported cryptocurrencies, and fewer trading features. Secondly, we have Coinbase pro, which is less used and targets a pro user base with more features and has support for 250+ cryptocurrencies.
Coinbase’s main app will add a section for pro users
Coinbase’s main app will have an advanced trade section that will add all the features from the pro platform. It is already available on desktop and will soon be coming to the mobile platforms. Users of Coinbase pro are getting prompts to shift their funds to the main app. The combination of the two platforms means the company will have a better focus on its offerings. At the same time, retailers who were unaware of the pro app can take advantage of the advanced features and lower fees.
Since, Coinbase Pro also supports over 250 cryptocurrencies, which is more than double of what the main platform offers, users can find almost anything on the platform. It also doesn’t have any maximum trading amount as well. But for, those who don’t want to do anything with the pro app due to its complex interface can ignore the advanced trade section. So, it’s a win-win for all types of users.
The probable reason for doing this
Binance has recently reduced its Bitcoin trading fees to zero, which might have instigated Coinbase to take this step. Their main Coinbase app charges a flat fee, and often times its a lot for retailers. So, merging the pro app with the main one and changing the fee structure could be their way to compete with Binance. It also means users that are ready to shift to an advanced platform won’t have to go anywhere else and can trade under the advanced tab. If they didn’t make this merge, users might have migrated to Binance, one of Coinbase pro’s top competitors.
What are your thoughts as Coinbase plans to merge its ‘pro’ platform with the main app? And do you think that this will help them compete with Binance? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Crypto.com gets approval to offer payment services in Singapore.