Coinbase has revealed some interesting decisions today, as the cryptocurrency brokerage and exchange service bought a peer-to-peer DEX that allows users to exchange "hundreds of tokens" such as the ERC-20. According to several reports, Coinbase plans to "improve" the Paradex protocol and launch the service to international clients located outside the US. UU Reuters reported that Coinbase bought the platform for an undisclosed sum.
Basically, the Paradex development team is ten, explains that the platform allows the point-to-point relay of the ERC-20 tokens at the top of the Ethereum block chain. The system is completely decentralized by using the 0x protocol that provides "the management of settlement without the need for user accounts or the custody of user funds", explains the Paradex team.
Today the Paradex website states: "We know we have been a little quiet, but we have worked hard, and we are incredibly excited to share that Paradex is joining Coinbase: as we work to integrate Coinbase, the Paradex application will not be available temporarily, starting today, May 23, at 3 p. m. ET. This does not change our commitment to our users. We continue to work hard to create the best relay, now with a bigger team and more resources. "
GDAX will be updated in 'Coinbase Pro'
Coinbase also told the press that it will "eventually" provide Paradex services to US customers. UU., But first you need to make changes in compliance. The San Francisco-based firm also announced the same day that it was completely revising and changing the GDAX trademark. This summer, GDAX will be known as 'Coinbase Pro', the company said on Wednesday.
David Farmer, the General Manager of Coinbase Pro, explained that the trading platform will be more intuitive with a simplified deposit and withdrawal process. In addition, the exchange will offer improved graphics and access to historical data while offering a new portfolio function called 'My Portfolios'.
"As the decentralized ecosystem progresses, we expect there to be many more opportunities for customers to interact with digital assets in new and unique ways," says Farmer.
The news follows the commercial platform's plan to offer institutional custody services and buy the Earn.com website.