Coinbase, one of the most popular and the largest cryptocurrency exchanges in the U.S, announced Wednesday that it is launching a new version of its GDAX platform called Coinbase Pro and acquiring crypto trading relay platform Paradex.
Coinbase described Paradex as “a sophisticated and secure relay platform that will allow our customers to trade hundreds of tokens directly from their wallets.” The Paradex service currently employees 10 people and is developed using a protocol called 0x, that provides customers a gateway to access to less known digital currencies. The deal is done for some undisclosed amount.
Coinbase Pro will integrate Paradex support over the next few weeks, which will enable users to “trade hundreds of tokens directly from their wallets,” according to the release. As a result, Coinbase customers will get access to several other digital currencies. Currently, Coinbase offers its customers to trade only four digital currencies: Bitcoin, Ethereum, Bitcoin Cash and Litecoin on its platform.
Beyond simply trading assets, Coinbase Pro aims to provide a host of new features for investors, according to the release, which reads,
“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.”
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,”
Asiff Hirji, Coinbase president and chief operating officer told CNBC’s “Fast Money” that the company is willing to list “as many assets as possible”, however, it is yet to get proper guidance following its discussion with the regulators. Hirji said,
“As soon as there is more clarity we will list them as long as they adhere to our framework. But clarity is needed and I don’t think we’re close to that, unfortunately.”
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