Renowned United States-based cryptocurrency exchange, Coinbase, has purchased a platform known as Paredex that deals with cryptocurrency trading. The move comes with the launch of a new version of Coinbase’s GDAX platform that has now been rebranded to Coinbase Pro and it will expand the company’s operations to non-U.S. customers by allowing them to trade hundreds of Ethereum-based coins directly with each other.
In a Wednesday blog post, Coinbase explained that Coinbase Pro will add on to what GDAX was as a platform that was specifically designed to tend to the needs of individual cryptocurrency traders. Coinbase Pro will also feature some major improvements that are meant to make using the platform easier and more intuitive. This will include such neat features as simplified deposit and withdrawal services as well as a decent number of extra services such as staking and protocol voting. Also, customers who were on the GDAX platform will be happy to know that all of their GDAX activity will be ported over to the new Coinbase Pro platform and therefore they will not need to worry about starting from scratch.
Paradex will play a critical role in this expansion simply because it will significantly increase the types of digital currencies that the Coinbase Pro customers will have access to. However, even though Coinbase in a United States-based company, the Coinbase Pro services will in the initial stages be available to only non-U.S. customers before being eventually brought back home one the company obtains a regulatory clearance.
In addition to the revamped exchanged platform, Coinbase also revealed that it would be launching its own self-titled cryptocurrency wallet in the near future to compete with similar offerings. The Coinbase Wallet is going to combine a neat set of features from the Toshi toolkit that powers the existing version of Coinbase’s cryptocurrency wallet, and others from the newly acquired Paradex.
“Our vision is to give customers the ability to participate in services like staking and protocol voting that are distinct to crypto. 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,” reads the Coinbase release.
A Little More About Paradex
Paradex is a cryptocurrency relay platform that allows its users or investors to trade ERC-20 tokens directly from their digital wallets – no third party is needed to take custody of the token during trading. This is accomplished through the use of a blockchain protocol that was developed by Ox which also happens to be advised by Coinbase co-founder Fred Ehrsam and two other former Coinbase employees.
“Our team couldn’t be more proud of the work we’ve accomplished over the past year,” said Paradex CEO, Ron Bernstein. “And we couldn’t be more excited about this new chapter under the Coinbase umbrella.”
Paradex’s technology will be directly integrated with the newly rebranded Coinbase Pro over the next few weeks.