Crypto Exchange Coinbase Acquires Ethereum Startup Paradex, Rebrands GDAXbr>
Cryptocurrency exchange Coinbase has acquired crypto trading relay platform Paradex to enhance its new product Coinbase Pro.
Paradex is a peer-to-peer relay where users from all parts of the world can buy and sell ERC20 tokens on the ethereum blockchain in a decentralized fashion. Paradex is built on top of the 0x protocol, which provides the platform with a simple standard for handling settlement without necessitating user accounts or taking custodianship of users’ funds.
The purchase of the Paradex platform is a part of Coinbase’s plan to overhaul its GDAX exchange, a trading platform for professional investors. GDAX and the new product, Coinbase Pro, will operate side-by-side until June 29, with activity mirrored on both platforms. After June 29, all customers will be rolled over to Coinbase Pro. Paradex will be integrated into that new product in the coming weeks.
The company said Coinbase Pro has been specifically designed for the individual cryptocurrency traders. Features of the new Coinbase Pro service include: simplified deposit and withdrawal processes, improved charts that will allow customers to easily scroll and access historical data, and a new consolidated portfolio view, called “My Wallets,” that lets customers easily see an overview of their account orders and balances.
“Our vision is to give customers the ability to participate in services like staking and protocol voting that are distinct to crypto,” the company said. “As the decentralized ecosystem advances, we expect there will be many more opportunities for customers to interact with digital assets in new and unique ways.”
At launch, the new Coinbase Pro service will rollout to international customers, but it will also be available to US customers as soon as the company obtain regulatory clearance.