The San Francisco based cryptocurrency exchange giant Coinbase have announced that they are acquiring decentralized crypto platform Paradex. Paradex is a cryptocurrency trading exchange that allows users to trade ERC-20 tokens from their wallets. This includes hardware wallets like Ledger Nano. The acquisition was confirmed last week by Coinbase and is part of their next move: launching the new version of GDAX, Coinbase Pro. According to them:
“Our visions are to give our users and customers the ability to participate in trading services like protocol voting and coin staking, that are specialty to cryptocurrencies. As the decentralized ecosystem is further developed, we are expecting there to be many other opportunities for traders to interact with digital assets in unique and innovative ways.”
Coinbase are improving their ecosystem
GDAX is owned by Coinbase and will be rebranded into Coinbase Pro in the company’s attempts to make users’ trading experience simpler and better. Also, at the moment Coinbase supports only 4 cryptocurrencies that users can chose to buy: Ethereum, Bitcoin, Litecoin and Bitcoin Cash. Coinbase Pro will allow Coinbase users to trade a wide variety of cryptocurrencies, giving them more options. The new platform will integrate the newly acquired decentralized exchange Paradex in the next weeks. This will enable users to trade tokens directly from their wallets.
Coinbase Pro will aim to introduce many new or improved features for cryptocurrency traders. There will be new features of course and an example includes new chart system providing access to historical data and a new upgraded view of your portfolio. Coinbase’s co-founder, Brian Armstrong stated that the company is committed to invest in the development of decentralized exchanges and ecosystems. The company has a goal to reach more new users that are outside of the US. He also said:
“We are excited to announce the acquisition of the decentralized relay platform Paradex. It will allow our users to trade hundreds of tokens directly from their own wallets.”
Coinbase Pro development
Coinbase is one of the best and biggest centralized cryptocurrency trading platforms and exchanges in the world. They announced earlier this year that they will support ERC-20 tokens and the new acquisition could help solve this problem. As a transferring platform, Paradex could allow Coinbase Pro users to trade ERC-20 in a peer-to-peer way. At the launch, the new platform will roll to international customers, while Coinbase ensures the product is compliant with regulations before it rolls in the United States.
Previously, Coinbase implemented SegWit which has dramatically decreased Bitcoin’s transaction time and fees. Read more on it here.
- Security Token Offering (STO) Guide: Everything you need to know about STOs - Feb 28, 2019
- Coinbase Pro is adding Ripple (XRP) support for trading - Feb 27, 2019
- Top ICOs of 2018: Initial Coin Offerings that beat the Crypto Bear’s market - Feb 26, 2019
- Ethereum hard forks Constantinople and St. Petersburg scheduled by the end of the week - Feb 25, 2019
- Ethereum founder and CEO, Vitalik Buterin revealed his non-Ether holdings and revenue sources - Feb 22, 2019