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Coinbase Is Rebranding Its Crypto Exchange Service
Coinbase announced Wednesday it was rebranding its GDAX platform as Coinbase Pro. Additionally, the company has acquired Paradex, a relay platform.
By Nikhilesh De
Updated Sep 13, 2021, 7:58 a.m. Published May 23, 2018, 8:26 p.m.
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Coinbase announced Wednesday that it is launching a new version of its GDAX platform called Coinbase Pro and acquiring crypto trading relay platform Paradex.
The new platform seeks to "make the trading experience easier and more intuitive," according to the startup. Other features include a new chart system which provides streamlined access to historical data and a consolidated portfolio view.
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Beyond simply trading assets, Coinbase Pro aims to provide a host of new features for investors, according to the release, which reads:
"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."
As part of this effort to let customers use digital assets, Coinbase Pro will integrate Paradex support over the next few weeks, which will enable users to "trade hundreds of tokens directly from their wallets," according to the release.
"Initially, this experience is for our customers outside the U.S. but will be available to U.S. customers as soon as we obtain regulatory clearance, which we're actively working toward," the company said.
Paradex enables investors to trade ERC-20 tokens directly from their digital token wallets, by acting as a relay for transfers. Hardware wallets - notably the Ledger wallet - are supported as well.
In order to transfer ethereum tokens, the system requires users to turn them into "wrapped ether," which is described as "a tradeable version of regular ether." Users can also transfer other tokens after connecting the Paradex app to their wallet, according to the site.
While Paradex allows users to trade ERC-20 coins held in their wallets, it remains unclear if Coinbase will add direct purchase or trading support for such tokens. In March, the company announced it was adding support for the ERC-20 technical standard, but did not reveal any specific products at the time.
Coinbase/GDAX image via dennizn / Shutterstock
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