Coinbase Acquires Ethereum Startup Paradex, Launches New Platform Coinbase Pro
One of the biggest cryptocurrency exchange in the U.S - Coinbase has recently announced the acquisition of an Ethereum startup and a decentralized trading platform called Paradex that allows customers to trade in all sorts of digital currencies.
Although the price of the deal was not disclosed, Coinbase described Paradex as “a relay platform that will allow our customers to trade hundreds of tokens directly from their wallets.” The company described this acquisition as a move that “not only reinforces Coinbase’s commitment to investing in decentralized infrastructure and participating in the nascent world of wallet-to-wallet trading, but also our focus on the international crypto trader.”
In addition to this, on Wednesday, May 23, the company also announced the launch of its new platform called Coinbase Pro, as a part of rebranding and replacement of its GDAX exchange. The company said that this new platform has been launched to gives users a more intuitive and easy trading experience and is very suitable for the need of individual traders.
Some of the exciting new features that Coinbase Pro brings, include:
- All transactions and balances from GDAX will automatically appear in Coinbase Pro
- A completely redesigned platform that will make the trading experience easier and more intuitive
- Simplified deposit and withdrawal processes
- Improved charts that will allow customers to easily scroll and access historical data
- A new consolidated portfolio view called “My Wallets” that lets customers easily see an overview of their account orders and balances
The company said that GDAX and Coinable Pro will be working together until the 29th of June, 2018. After this, “all customers will be seamlessly rolled over” to the new platform.
Coinbase also said that it will integrate the newly acquired Paradex relay platform to the newly launched Coinbase Pro. The Paradex technology will them allow its customers to trade hundreds of digital tokens directly to their wallets without the exchange coming in the middle.
Coinbase currently allows its customers to trade in only four different digital currencies - Bitcoin, Ethereum, Litecoin and Bitcoin Cash. As a part of this integration, the Coinbase customers will get access to multiple different digital currencies. However, the company says that the Paradex service will be first available to customers outside the U.S.
Coinbase co-founder and CEO, Brian Armstrong Called the acquisition as reinforcing "Coinbase’s commitment to investing in decentralized infrastructure and participating in the nascent world of wallet-to-wallet trading.”
Paradex CEO, Ron Bernstein in a statement said: “Our team couldn’t be more proud of the work we’ve accomplished over the past year. And we couldn’t be more excited about this new chapter under the Coinbase umbrella.”