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Coinbase Acquires Paradax, rebrands GDAX to Coinbase Pro

Coinbase android app on black background

Wednesday saw an announcement from Coinbase regarding its acquisition of peer-to-peer trading platform Paradex.

Paradex is a popular platform for trading the Ethereum networks ERC20 tokens.

The integration of Paradex will happen over the next few weeks and will assist customers in trading hundreds of tokens directly from their digital wallets. This has mainly been implemented for customers outside of the U.S. but will be available inside the U.S. once regulatory clearance is obtained.

Once connecting the Paradex app to their wallet, users will be able to transfer Ethereum tokens once they’ve been converted to ‘wrapped-ether’.  It is unsure yet if direct purchase and trading of ERC20 coins will be supported.

The rebranding of GDAX to Coinbase Pro is designed to make the trading experience easier and more intuitive for users. It will come with additional features including a new chart system with easier access to historical data and a consolidated portfolio view.

On the rebranding and new system, Coinbase stated:

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.”

Image From Shutterstock

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