Coinbase Announces “New GDAX” Launch, Obtaining Paradex

Coinbase Announces “New GDAX” Launch, Obtaining Paradex

This week one of the most popular cyber money trading venues Coinbase, headquartered in California, has stirred up the crypto-community moods with two shocking updates. The bourse announced that it releases Coinbase Pro, the novel version of its trading platform called GDAX.

Moreover, the same day, May 23, the company notified about its acquisition of Paradex – a relay platform. However, the financial side of the deal was not announced by the company.

Coinbase Surprises the World

The Coinbase Pro announcement was made in a Wednesday blog post. As per it, the new platform is the “evolution” of GDAX. The last one, by the way, is concretely allotted for independent private cyber money traders.

Coinbase emphasizes that the new project is out there to fit the demands among individual merchants as well as to turn the platform into a more user-friendly and “intuitive” one.

What Are The Pros Of Coinbase Pro?

According to the announcement, there is a range of new peculiarities that Coinbase will provide its clients with. In particular, among them, there are:

  1. Simplistic deposit as well as withdrawal operations
  2. Staking and protocol voting

The company believes their users will be able to benefit from these new features.

The newly released Coinbase Pro, as well as the old-school GDAX, is going to function alongside each other until the end of the next month – June 29. After that, all the clients, as Coinbase announced, will be moved to a novel platform. At the same time, the exchange promised this transfer to be smooth and unproblematic.

Plans Regarding Paradex

The San-Francisco-based exchange intends to integrate the Paradex relay platform into the newly released Coinbase Pro. Thanks to this, the company’s clients will get an opportunity to sell and purchase “hundreds” of crypto-units straight from their cyber-wallets.

Therefore, the kinds of cryptos to which clients will have access via Coinbase will, apparently, extend.

It is noteworthy that, first and foremost, it is the customers, who are non-US residents, who will get the access to a new service. However, later people, who live on the territory of America, will also take advantage of it, as the company pledged. This, perhaps, can be the consequence of stricter policies in the US and the need to get special permits.

In accordance with Reuters report, Paradex has only 10 hired workers. This platform is believed to be a decentralized crypto-bourse as long as it does not store the digital units in the interest of users. However, it is users themselves who buy and vend ERC20 units straightforwardly from their cyber-wallets.

Other Coinbase’s Plans

A few months ago Coinbase informed about the development of:

  1. Coinbase Index Fund
  2. Coinbase Index

The first one has been called by the company as a “basket” of virtual assets. Among them, there are four GDAX’s coins:

  • BTC
  • ETH
  • LTC
  • BCH

Notably, the fund demands the minimum piling worth $10,000 with a 2% yearly management fee on top.

At the moment, GDAX is among top-10 most significant crypto-bourses based on the 24-hour trade volume. By the way, it can boast with one of $365.95 million as of writing.