On Wednesday, May 23, Coinbase, the San Francisco based exchange, announced the acquisition of Paradex, a decentralised digital token relay-trading platform. Besides adding the decentralised exchange (Dex), the firm has also revealed that it’s going to replace the name ‘GDAX’ with ‘Coinbase Pro’.
Coinbase revealed some very interesting decisions as they purchased Dex, a P2P platform for users to swap “hundreds of tokens” like ERC-20s. As per multiple reports, Coinbase plans to ‘elevate’ the paradex protocol enhance it’s reach to the international customers. The purchased sum remains undisclosed.
Paradex, as explained by their development team of ten, explains the platform as a P2P relay of ERC20 Tokens stacked above the Ethereum Blockchain. This makes Paradex a decentralised system entirely, by employing )x protocol which provides “handling settlement without necessitating user accounts or taking custodianship of users’ funds,” as stated by the Paradex team.
Paradex’s Official Statement
GDAX To Be Reborn As ‘Coinbase Pro’
Coinbase also in its official statement to press stated that it would ‘eventually’ be providing its services to U.S. customers after making some compliance changes first. Coinbase asp announced on the same day that it would completely be rebranding the GDAX Exchange. This summer onwards, GDAX would be known as ‘Coinbase Pro’, as per official statement.