Coinbase Adds Polygon and Solana Integrations on Coinbase Pro Platform

06/24/2022By: C, Fiona

Brief Introduction

  • Coinbase said it would phase out the Coinbase Pro later this year.
  • The exchange aims to incorporate the functionality of Coinbase Pro into its consumer applications through Coinbase Advanced Trade.
  • At the same time, due to the high cost of Ethereum, Coinbase also announced the integration of Polygon and Solana on its network.

 

In a recent blog post, Coinbase, a cryptocurrency exchange, released two key announcements. The first is that it will phase out Coinbase Pro later this year and focus on Coinbase Advanced Trade.

Coinbase Pro, launched by the exchange in 2018, is a product for advanced traders seeking technical analysis and expert functions. However, at the same time, the platform also focuses on Coinbase.com site and applications to add some of these advanced features. Therefore, some ‘overlapping feature sets’ lead to’ friction ‘.

Therefore, in the next few months, the exchange is seeking to ‘integrate the functions and charging standards of Coinbase Pro’ into the Coinbase consumer application.

 

 

Resolve Friction

The blog pointed out: “In order to solve this friction and provide customers with the best services in both worlds, we have rebuilt the complete Coinbase Pro advanced trading experience in the Coinbase mobile application and Coinbase.com. As we continue to add more functions to Coinbase’s advanced trading, we will sunset the Coinbase Pro later this year.”

According to Coinbase, in addition to technical analysis, Advanced Trade will provide customers with more advanced real-time order books and tradingview charts. The press release also said, “for customers who hold funds on Coinbase Pro, no action is required – the funds will remain secure on Coinbase. At the same time, customers are welcome to start using advanced transactions on Coinbase mobile applications and Coinbase.com.”

It is worth noting that this change will not affect the users of Coinbase Exchange. That is, if the customer has been transferring directly from the Coinbase Pro, they need to inject capital into their Coinbase account to make the transition before the Pro is delisted.

Coinbase Integrate Polygon and Solana on Coinbase Pro

In another update, the Exchange announced the integration of Polygon and Solana into its network. Against the background of high Ethereum charges, Coinbase stressed that “sending cryptocurrencies on Ethereum has become more and more expensive for individual users and institutions”. Further added: “in the next month, eligible Coinbase customers will be able to send and receive eth, matic and usdc on polygon and usdc on Solana.”

“The integration of polygon marks the first time that Coinbase has realized the ability to send and receive these assets on L2 or side chain,” the exchange added. According to the exchange, this means that users will be able to convert legal currency into cryptocurrency and provide funds for their polygon and Solana wallets.