Coinbase Acquires Paradex, Will Launch Coinbase Professional Te Place of GDAX
San Francisco-based cryptocurrency exchange Coinbase, which has more than 13 million customers, has acquired Paradex, a P2P digital asset trading toneelpodium. Coinbase intends to make some switches to Paradex and open its services to clients outside the US.
Coinbase has mentioned that the switches would enable users to trade hundreds of coins on Paradex toneelpodium. The terms of the acquisition were not disclosed. Coinbase has also determined to do away with GDAX podium and introduce Coinbase Voor ter its place.
Paradex, which is a petite rigid compared to Coinbase, has about Ten employees. The Paradex verhoging does not hold clients crypto tokens, and merely facilitates a P2P transaction through the wallets of users. Thus, it is considered to be a decentralized verhoging.
For Coinbase customers, the acquisition will open the vanwege to access a range of cryptocurrencies. Coinbase generally takes a lotsbestemming of time to add fresh cryptocurrencies. Presently, the exchange offers trading ter Bitcoin, Ether, Bitcoin Metselspecie, and Litecoin. The number of cryptocurrencies presently available ter the market is overheen 1600. Many of them have not provided a zindelijk roadmap or fulfilled their promise.
Therefore, exchanges are doing a loterijlot of background examine before adding a crypocurrency. Of late, the increase ter scrutiny by regulators has also made cryptocurrency exchanges think twice before listing a token.
Coinbase will permit its US clients to use Paradex services after KYC and AML protocols are implemented ter the podium.
Coinbase also announced that it is dismantling GDAX, a cryptocurrency exchange used by professional investors, and launch a revamped toneel named Coinbase Professional. Both GDAX and Coinbase Voor will be open until June 29. Trades carried out ter GDAX or Coinbase Professional toneelpodium will reflect on another. After June 29, clients ter GDAX toneel will be moved to Coinbase Voor podium.