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Coinbase rebrands GDAX to Coinbase Pro and acquires an Ethereum startup Paradex

Coinbase, one of the largest crypto exchanges in the USA, has now announced the purchase of an Ethereum startup called Paradex, which will allow customers to trade in hundreds of digital tokens directly with one another.

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 deal is done for some undisclosed amount.

Coinbase CEO and founder, Brian Armstrong, sees the acquisition as reinforcing «Coinbase’s commitment to investing in decentralized infrastructure and participating in the nascent world of wallet-to-wallet trading».

On May 23, Coinbase also announced the rebranding of GDAX exchange to Coinbase Pro. The new Coinbase Pro has been specifically designed for the individual digital currency traders, and according to the company, this new service was launched to suit the needs of this vary group. Some of the salient features of the new Coinbase Pro service include:

  • Automatic transfer of all transactions and balances from GDAX to 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.

Coinbase plans to integrate the Paradex platform with the Coinbase Pro, which will allow all the Coinbase users trade hundreds of tokens directly from their wallets. As a result, Coinbase customers will get access to several other cryptocurrencies. Now Coinbase offers its customers to trade only 4 cryptocurrencies on its platform: Bitcoin, Ethereum Bitcoin Cash and Litecoin.

The new service will be first available to customers outside the USA. The company says:

«After making some product enhancements, we’ll initially offer this experience to customers outside the U.S., and eventually to U.S. customers after we implement changes».

Till June 29, 2018, Coinbase Pro and GDAX will operate together, but then all customers will be rolled over to the new platform.