The cryptocurrency exchange Coinbase Pro began charging withdrawal fees. Until now, the platform covered users’ costs.
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Starting today, Coinbase Pro will pass along network fees directly to our customers. These fees (sometimes referred to as “gas fees” on the Eth blockchain) are paid directly to crypto miners that process transactions and secure the respective network. https://t.co/hcuPoejwCz
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— Coinbase Pro (@CoinbasePro) September 17, 2020
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The company said the move was in response to increased load on certain blockchains.
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While gas costs on the Ethereum network had not exceeded 100 Gwei in recent weeks, they rose to 700 Gwei yesterday amid the distribution of Uniswap governance tokens.
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“Historically, Coinbase Pro covered these fees in the interests of customers. But as cryptocurrencies have become more widely used in applications such as DeFi and payments, network load has increased,” said representatives of the exchange.
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Earlier, Coinbase Pro announced the listing of the UNI token a few hours after its launch. The coin reacted to the announcement by rising from $2.53 to $4.08.
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Earlier in August, Coinbase and Circle introduced the updated USDC stablecoin. In this version, users are not required to pay fees for ETH transfers.
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