Coinbase, one of the leading US-based cryptocurrency exchanges just purchased Paradex – a relay service built on the 0x protocol. Though the deal has been sealed, the amount it went for remains undisclosed. Paradex is a platform that allows for the trading of digital tokens among users. Coinbase describes it as “a sophisticated and secure relay platform that will allow our customers to trade hundreds of tokens directly from their wallets.”
Paradex is built on the 0x protocol and has ten employees. The protocol allows customers to access many other less known cryptocurrencies.
Coinbase CEO and founder Brian Armstrong refers to the recent acquisition as a way to reinforce “Coinbase’s commitment to investing in decentralized infrastructure and participating in the nascent world of wallet-to-wallet trading.”
Paradex CEO Ron Bernstein also expresses his enthusiasm over the move in a statement:
“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.”
With the acquisition of Paradex, Coinbase could move forward with its institutional trading platform – GDAX. The technology offered by Paradex now allows the needs of individual digital currency traders to be addressed. In line with the improved servicing, GDAX will now be rebranded to Coinbase Pro.
Furthermore, the release of Coinbase Pro further states:
"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."
The rebranding also comes with new features such as a redesigned, intuitive platform, simplified deposit/withdrawal processes, better charts that allow access to historical data, and a “My Wallets” view that gives users a consolidated view of their portfolio. On top of this, users will now have access to other digital currencies that were previously out of reach. Before the rebrand, only Bitcoin, Ethereum, Bitcoin Cash, and Litecoin were tradable on the platform.