Crypto exchanges are engaging in a heated battle over the American market. With prices down across the board, exchange companies want to attract bulls to buy the dip. In doing so, they are offering increasingly appealing offers. One of Coinbase’s (NASDAQ:COIN) big draws is its Coinbase Pro exchange. Now, the company is making it easier than ever to access its advanced trading features. This is all thanks to a new plan to consolidate the Pro exchange onto its flagship app. The announcement is leading to a bump in COIN stock prices.
While exchanges are fighting for their U.S. market share, Coinbase is already well ahead of much of the competition. The company has become a mainstay for American crypto investors since its launch 10 years ago. Many of these early years were spent organically building a relationship with early adopters of crypto. However, the company’s initial public offering (IPO) in 2021 suddenly thrust the exchange in front of a much wider demographic of investors on Wall Street.
Being the first publicly-traded crypto exchange stock has done wonders for the company’s adoption over the last year. It also preceded massive growth for related assets, like the USD Coin (USDC-USD) crypto. The Coinbase-adjacent stablecoin has grown its market capitalization by five time since the COIN stock IPO, making it the second-largest stablecoin player in the world.
One of the ways which Coinbase is making crypto investing easier for its users is its Pro trading floor. The standalone Coinbase Pro app allowed users to take the next step into more advanced crypto trading services. Atop of hosting more coins and tokens than the larger, flagship Coinbase app, Coinbase Pro also removes trading limits, offers more types of investments like stop and limit orders and a simpler fee structure. Now, it’s making these advanced features even more accessible.
Coinbase to Shutter Pro App and Consolidate Advanced Features
To remain competitive, Coinbase is beginning to make some big moves. Some, like the controversial job rescissions the company sprang on new hires earlier in the month, have stoked the ire of investors. But others, like today’s Coinbase Pro news, is spurring both excitement and a nice price boost for COIN stock.
Yesterday afternoon, Coinbase announced that it would be closing down its Coinbase Pro services. By the end of this year, the advanced trading service will be dissolved. While not a bullish announcement on its own, the news came with an exciting update.
Rather than ditching the advanced trading services completely, Coinbase will actually consolidate much of these same services on its flagship trading app. Called “Advanced Trade,” the new service will borrow heavily from Coinbase Pro’s offerings, without users needing to download a different, standalone app.
One of the most important things Coinbase emphasizes with its announcement is that it will be keeping the same user-friendly fee structure offered by Coinbase Pro. While the main app offers competitive fees, users are also charged commission fees on all trades. Advanced Trade will allow those Pro users to continue avoiding the regular trading fees.
While Coinbase makes its moves, it is keeping a close eye on competitors also ramping up benefits. For example, Binance (BNB-USD) just rolled out fee-free trading on Bitcoin (BTC-USD) transactions, an unprecedented move. These fee-free trades are just the first part of a larger effort to deliver users free crypto trades. Coinbase is surely keeping a close watch on how successful the move turns out to be.
Meanwhile, COIN stock is seeing a price boost on the app consolidation news. Shares are up almost 5% as the stock tries to lever itself up past the $50 floor price it has found itself at recently.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
