Coinbase welcomes Paradex and shuts down GDAX as part of “Pro” evolution

On Wednesday, the 23rd of May, Coinbase announced its recent acquirement of Paradex, a platform that enables investors to trade virtual coins directly in the community and with each other on a decentralized exchange. Coinbase is the largest cryptocurrency trading platform in the U.S.

The financial terms of the deal between the Ethereum [ETH] startup Paradex and Coinbase were not revealed. However, this purchase of the exchange platform is a part of the Coinbase Pro rebrand and shutting GDAX down.

Paradex has been timid in the cryptocurrency world and they had claimed to be working hard. The community of Paradex is excited to be joining Coinbase. The Paradex app will be unavailable only for a short time.

Regarding this tie-up, the twitter community has congratulated the community of Coinbase.

gadgetface commented:

“Now that your joining the big boys…Time to list the big boy currency. $ppi @piedpipercoin”

Denize, a market follower said:

“We already knew. But congrats.”

Mike, another Twitter user said:

“At this rate, its only a matter of time.”

Paradex is a decentralized crypto-exchange which has 10 employees, It does not maintain the custody of the coins on the behalf of their users but allows them to trade through crypto-wallets. It is built on a protocol called 0x. The San Francisco based company has plans to enhance their technology and launch the trading services of Paradex to their investors in the United States but customers outside the U.S as well. They want to enable their customers to trade hundreds of tokens.

Coinbase currently allows the trading of only four cryptocurrencies on their platform- Bitcoin [BTC], Bitcoin Cash [BCH], Ethereum [ETH] and Litecoin [LTC].

The crypto-exchange platform has also announced the launch of a brand new coin, Coinbase Pro. The coin is an evolution of GDAX and is specifically designed for the direct individual trading of cryptocurrencies. GDAX is currently the 8th biggest cryptocurrency exchange with a trading volume of over $280 million, according to CoinMarketCap.

Coinbase Pro and GDAX will be operating side by side until 29th June 2018, with their activity mirrored on both platforms, however, after 29th of June, all the customers shall be rolled over to Coinbas Pro.

Coinbase Pro announcement tweet.

Coinbase Pro announcement tweet.

Their commitment towards the community and customers is going strong, the coin has a number of exciting features, which are:

  • It has a completely redesigned platform which will make trading much easier and intuitive.
  • Simplified withdrawal and deposit processes.
  • Improved charts that will enable customers to scroll and access data.
  • A new consolidated portfolio view called “My Wallets”, that allows customers to have an overview of their account balances and orders.

MaxKeiserIsGOD, a Twitter user said:

“STOP ANOUNCING WORTHLESS FEATURES AND LIST COINS FOR THE LOVE OF GOD”

Laith, a Twitterati commented:

“they run a business that’s compliant with US Governance. They are waiting for approval to add coins. So calm down and go back down under your rock and come back in August. Thanks lol.”

Jimmy Derocher pointed out:

“Anyone else notice that Coinbase releases institutional products and announcements when the market is entering or about enter relative lows? I find it fascinating, frankly. It’s why you don’t buy the news, I suppose!”

Daniel E. Renfer, a market follower said:

“I honestly don’t think that they’ve done any planning w.r.t. their announcements and the price. I think they’ve been announcing what they have according to their schedule and it just happens that you don’t have to look too far for a crap day.”

The intention towards Coinbase Pro was to enable investments and the utilization of cryptocurrency on a platform for active crypto-traders. The technology offers their customers an opportunity to participate in the cryptocurrency ecosystem.

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