The USA-based cryptocurrency change Coinbase is eradicating dozens of buying and selling pairs with the intention to enhance liquidity on its platform.
Coinbase has suspended 80 non-USD buying and selling pairs, together with these with cryptocurrencies like Bitcoin (BTC), stablecoins like Tether (USDT) and fiat currencies just like the euro.
Saying the information on Oct. 16, Coinbase stated that the buying and selling pairs’ removals goal to enhance “general market well being and consolidate liquidity.” The buying and selling pairs had been faraway from the Coinbase change and different platforms like Superior Commerce and Coinbase Prime at 19:30 UTC on Oct. 16.
The newest buying and selling pairs’ removals on Coinbase align with the change’s plans to droop the markets introduced in early October. Coinbase emphasised that customers of the affected platforms can nonetheless commerce the markets in its “extra liquid USD order books” through the use of the change’s USD Coin (USDC) balances.
“Please word these markets make up an immaterial quantity of Coinbase Trade’s complete buying and selling quantity,” the change famous.
@CoinbaseExch recurrently displays the markets on our change. In an effort to enhance general market well being and consolidate liquidity, we shall be eradicating a variety of non-USD buying and selling pairs for sure supported property.
— Coinbase Trade ️ (@CoinbaseExch) October 2, 2023
Coinbase has been suspending buying and selling pairs on its platforms to enhance liquidity for some time. The change eliminated one other 41 non-USD markets in mid-September, citing the identical causes. Whereas Coinbase eliminated a number of USDT-containing buying and selling pairs, not one of the suspended markets included USDC, a stablecoin co-developed by Coinbase and Circle.
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Coinbase’s ongoing measures to enhance liquidity come amid the change’s buying and selling volumes tanking this yr. In keeping with the cryptocurrency market knowledge supplier CCData, Coinbase’s spot buying and selling volumes for the third quarter plummeted 52% since 2022.
Different main cryptocurrency exchanges like Binance have additionally seen their spot market share dominance falling this yr. In keeping with CCData, Binance’s spot market share fell for a seventh consecutive month in September 2023, tumbling from 55% in early 2023 to 34% in September 2023.
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