- Companies will offer profitable bots to help the users with trading strategies.
- In February 2023, CNBC reported Coinbase’s user base was shrinking.
Coinbase Advanced, the Coinabase’s premium platform, is collaborating with a trading firm Coinrule. The partnership will launch a 2-week long campaign to promote automated trading among users. Additionally, it will allow retail traders to enhance their portfolios.
Users Can Track Multiple Crypto Assets Via Coinbase Advanced
According to the press release, companies will offer profitable bots to help the traders with trading strategies. Meanwhile, the live market scanner feature is capable of tracking nearly 2K crypto assets, enabling users to trade multiple assets on the platform simultaneously. Furthermore there will be a range of pre-built artificial intelligence (AI) driven strategies to choose from.
Recently, the second biggest crypto exchange entered a lawsuit with the Securities and Exchange Commission (SEC), a United States government agency. The U.S. financial market watchdog alleges Coinbase and Binance, the largest cryptocurrency exchange, are running as unregistered exchanges.
The news sent a chilling effect on the market and led to a price slump in leading cryptocurrencies including Solana (SOL), Polygon (MATIC), Cardano (ADA) and more. However, the crypto market somehow managed to keep the ship afloat above the $1 Trillion market cap. Coinbase says SEC does not have the authority to advance the lawsuit seeing that the assets the agency is pursuing don’t fall under the securities umbrella.
Last month, Brian Armstrong told Financial Times (FT), a British daily newspaper, that the U.S. regulatory watchdog asked Coinbase to abandon trading of cryptocurrencies except for Bitcoin (BTC). In an interview, SEC chair, Gary Gensler, told media company Bloomberg that the crypto market is rife with frauds and hucksters.
AI To Cut Nearly 300 Million Jobs
In February 2023, news website CNBC reported Coinbase user base is shrinking. Additionally, its trading volume declined by 9% at that time. The crypto exchange had cut 20% of the staff in January 2023 following an 18% layoff in June 2022.
Artificial intelligence is anticipated to cut 300 Million jobs according to a report by investment bank Goldman Sachs. Companies implementing AI in their operations to enhance their productive outcomes could lay upon a negative impact on employees. However, it is unlikely this partnership could lead to such a scenario.
Today, Coinbase acquired some stake in USDC stablecoin issuer Circle. Additionally, both the companies are dissolving USDC governing partnership, Center Consortium. In March 2023, the second largest stablecoin lost its peg to the United States dollar. Circle confirms USDC worth $3.3 Billion are at risk following the Silicon Valley Bank cratering.
In another announcement, reported by crypto news provider Cointelegraph, the crypto exchange said they are raising an offer on their $150 Million debt buyback program. COIN stock has been rapidly falling for over a month now, losing nearly 40% value since July 14, 2023.