Zero commission is introduced for trading pairs of the first cryptocurrency with the US dollar and three stablecoins. After the announcement of the crypto-exchange, Coinbase shares collapsed by 7%
On the morning of June 22, the US affiliate of the Binance crypto exchange announced that it was introducing zero fees for trading bitcoin against the US dollar and three stablecoins: Tether (USDT), USD Coin (USDC) and Binance USD (BUSD), according to Bloomberg .
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The move will increase pressure on other crypto exchanges such as Coinbase, according to Mizuho Securities analyst Dan Dolev. The specialist said that Coinbase will also have to reduce fees as competition intensifies.
The securities of the Coinbase (COIN) crypto exchange were quoted at around $58 on the evening of June 21. On the morning of June 22, the paper showed a decrease of 7.2% to $53.82, during the day the stock price of the crypto exchange recovered to $56.
On June 15, the cryptocurrency exchange Coinbase announced the layoff of approximately 1.1 thousand employees, reducing the headcount by 18%. The reorganization of the team is carried out to maintain the stability of the business during the economic downturn.
