Out with the old, in with the new. The Coinbase-owned GDAX exchange, which first announced several months ago that it would be shutting down in favor of the upgraded Coinbase Pro platform, will officially turn off the lights on June 29. Coinbase Pro, which has been running for quite some time, will be the go-to platform, and will provide a number of upgraded features and enhancements not seen on GDAX.
Coinbase Pro’s general manager, David Farmer, said in a blog post, “On Friday, June 29, we say goodbye to GDAX and hello to Coinbase Pro. To take full advantage of this upgrade, we recommend you start using pro.coinbase.com now.”
On Friday June 29, we say goodbye to @GDAX and hello to Coinbase Pro. To take full advantage of this upgrade, we recommend you start using https://t.co/XPL9tgB0YB now https://t.co/8cRLp9yRTx
— Coinbase Exchange (@CoinbaseExch) June 18, 2018
Farmer continued in his post, “Coinbase Pro is more than a new name — it’s a recognition that the crypto trader requires a product completely dedicated to their specific needs.” He pointed out that the two exchanges will operate simultaneously through June 29. After that, customers will see their GDAX accounts rolled over to the new platform.
He further explained in the blog post, “By enabling both investments and the utilization of cryptocurrency, we’re offering customers a unique opportunity to begin truly participating in the cryptocurrency ecosystem. For example, our vision is to give customers the ability to participate in services like staking and protocol voting that are distinct to crypto.”
The improved platform offers an interface that is built on the GDAX trading engine. According to Coinbase (NASDAQ: COIN), Coinbase Pro provides features based on the needs of active traders and an application-programming interface (API) that allows users to create secure, programmable trading bots. All customer funds are insured by the FDIC, up to $250,000 per client.
The new interface, according to Coinbase, will make for an easier, more intuitive trading experience. It simplifies the deposit and withdrawal processes and allows for easier navigation and access to historical data through the trading window. A consolidated portfolio view, dubbed My Wallets, will allow clients to see an overview of their balances and orders. Coinbase also indicated that any previous GDAX transactions and their related attributes will be available in Coinbase Pro.
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