According to the announcement, Coinbase has determined it’s safe to reduce the number of confirmations required for Bitcoin, Ethereum Classic and Zcash transactions. Litecoin, on the other hand, will see an increase in the number of confirmations required. The exchange notes the latter decision is to protect customers from a potential 51% attack on the Litecoin network.
“The confirmation requirements for several of these currencies were determined over a year ago,” stated the Coinbase team in the announcement. “At this time, we did not have a consistent approach that informed each currency’s requirement. This resulted in a situation where some assets may have had an overly conservative confirmation requirement, and some assets where the confirmation requirement may have been too low.”
This move comes around a month after Coinbase Pro slapped low-volume traders with a fee rate hike while high-volume traders saw a notable reduction.
Time will tell whether Coinbase moves to eliminate fees altogether, a trend that is gaining popularity at traditional and crypto brokerages, like Voyager.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.