Coinbase Suspended 41 Non-USD Trading Pairs Token To Enhance Liquidity
- Coinbase has suspended 41 non-USD trading pairs to enhance market health and liquidity.
- The exchange is entering the crypto lending space, focusing on US institutional investors.
- The company’s CEO, Brian Armstrong, has endorsed the Lightning Network, which accelerates Bitcoin transactions.
San Francisco-based cryptocurrency exchange Coinbase has unveiled a series of strategic moves aimed at enhancing market health and expanding its services.
In an effort to achieve these goals, the exchange has announced the suspension of 41 non-USD trading pairs on Coinbase Exchange, Advanced Trade, and Coinbase Prime, effective around 12 PM ET on September 13, 2023.
The move is part of the exchange’s strategy to consolidate liquidity and create a more robust trading environment for users. It reflects the exchange’s commitment to maintaining a healthy market ecosystem.
In addition to this market optimization effort, Coinbase is venturing into the crypto lending space, with a specific focus on US institutional investors. This initiative comes in response to recent challenges within the crypto lending sector, notably the collapse of firms like BlockFi and Genesis Global.
The exchange introduced a dedicated crypto lending platform exclusively tailored for institutional investors in the United States. This strategic move aims to capitalize on evolving market dynamics and provide a reliable lending service.
Furthermore, Coinbase CEO Brian Armstrong has revealed the exchange’s plans to support the Lightning Network. This move is a significant endorsement for the Lightning Network, a technology designed to dramatically expedite Bitcoin transactions. By embracing this technology, the exchange intends to contribute to the broader adoption of Bitcoin as a practical payment method.
Coinbase recently made headlines by announcing the discontinuation of trading services for Indian users, effective September 25, as part of its ongoing efforts to navigate the evolving global regulatory landscape.
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