Coinbase acquires a new platform and announces Coinbase Pro
Coinbase, the largest U.S. cryptocurrency trading service, has acquired Paradex, a platform that enables users to trade virtual coins directly with each other.
The financial terms of the deal are not known.
CNBC reports that the move will significantly expand the types of cryptocurrencies that customers will be able to access through Coinbase, which has traditionally been more conservative than competitors in listing new types of coins. The exchange offers trading in four of the largest coins: bitcoin, ether, litecoin and bitcoin cash.
Excited to have the @ParadexIO team join @coinbase! https://t.co/IeywqFM3tD
— Brian Armstrong (@brian_armstrong) May 24, 2018
According to Coinbase, after making some product enhancements to Paradex, “it will be offering the new experience to customers outside the U.S., and eventually to U.S.-customers.”
This was not the only news that Coinbase wanted to share. It has also informed that GDAX, its professional trading platform for individuals will have a new version called Coinbase Pro.
According to Brian Armstrong, Co-Founder and CEO of Coinbase, the platform will offer professional trading tools and services, “delivered through a completely reengineered UI that will make the trading experience easier and more intuitive.”
“Since launching in 2015, GDAX has built liquidity and stability in the space and also helped us understand the needs of active crypto traders. Switching to the name Coinbase Pro is a recognition that the individual active trader requires a product completely dedicated to their specific needs,” he noted.
David Farmer, General Manager of Coinbase Pro in his turn announced that GDAX and Coinbase Pro will operate side-by-side until June 29, 2018, with activity mirrored on both platforms. After June 29, all customers will be seamlessly rolled over to Coinbase Pro.
We’re excited to announce Coinbase Pro! https://t.co/qv7rafvOB3 pic.twitter.com/pMKYGJXsQA
— GDAX (@GDAX) May 23, 2018
“We are dedicated to building Coinbase Pro into not only a world class cryptocurrency exchange, but also a platform for active crypto traders. By enabling both investments and the utilization of cryptocurrency, we’re offering customers a unique opportunity to begin truly participating in the cryptocurrency ecosystem,” he noted.
Let us remind that last month Coinbase acquired Earn.com, a startup which allows senders to pay users in cryptocurrency to reply to emails and complete tasks.
Brian Armstrong, Co-Founder and CEO of Coinbase announced acquisition adding that Earn’s co-founder and CEO, Balaji Srinivasan, is joining Coinbase as the company’s first Chief Technology Officer (CTO).