Coinbase Pro’s replacement sparks backlash from community; Here’s why

Sahana Kiran
Source – Pixabay

The bloody bear market has been bringing out many changes in the crypto-verse. Coinbase, one of the US’s top cryptocurrency exchanges, decided to shock its customers with its latest announcement. The exchange took to Twitter and revealed that the Coinbase Pro service would be replaced.

Coinbase had set up this service for its advanced and professional traders about four years ago. However, the exchange decided to take it down by the end of 2020. Now, as a replacement, the exchange would roll out the Advanced Trade service expected to mirror some features of Coinbase Pro. But, Advanced Trade would reportedly work from within the main application and site, unlike Pro.

The low trading fees that Coinbase Pro offered lured an array of people. As a result, as soon as this news broke out, many tweets condemning the exchange started pouring in.

One user even suggested that he would never use the exchange again.

“I will never use Coinbase again, if the Coinbase Pro discounted rates aren’t included in this new “unified” trading interface… not gonna get ripped off paying retail trading fees.”

Additionally, others even urged investors to move to other platforms like Binance. Speculations about how the bear market would have influenced the exchange’s decision to discontinue cost-efficient Coinbase Pro flooded Twitter. However, it turns out the prices would also remain the same on the new service.

Coinbase clears the air

Crypto Twitter was all about the exchange disrupting the existing fee structure. The Chief Product Officer at Coinbase, Surojit Chatterjee, took to Twitter and noted that Pro was emerging as advanced trading as the exchange wanted to move it to the main application. The rates would be the same, and usability with other features would be spruced up.

He further tweeted,

Furthermore, speculations, backlash, and threats of never using the exchange were all put to rest following the above affirmation.