Credit: Coinbase
Credit: Coinbase

Coinbase Acquires Decentralized Exchange “Paradex”

Coinbase, one of the leading companies associated with the crypto sphere in the United States and owner of Gdax, the #8 Exchange regarding volume worldwide, announced the recent acquisition of Paradex, a Dex that runs on the 0x platform.

The company made the announcement without going into too much detail. A short post on its official blog revealed what could be an essential step towards the global decentralization of exchanges:

“We’re thrilled to announce the acquisition of Paradex, a relay platform that will allow our customers to trade hundreds of tokens directly from their wallets. The move not only reinforces Coinbase’s commitment to investing in decentralized infrastructure and participating in the nascent world of wallet-to-wallet trading, but also our focus on the international crypto trader. After making some product enhancements, we’ll initially offer this experience to customers outside the U.S., and eventually to U.S.-customers.
Welcome Paradex to the Coinbase team!”

The decision to initially provide services to non-US residents is made on legal grounds. This is the same reason why som ICOs are not available in the United States.

This is latest move of the veteran company which seeks to expand its services while adapting to the changes in the world of cryptocurrencies.

Currently, there are more than 1600 altcoins in the market and Coinbase, despite its high volume, only offers four altcoins for trading: BTC, ETH, LTC, and BCH.

Coinbase did not disclose the terms of the deal. However, they expressed their enthusiasm regarding the purchase of this Dex:

“[Paradex is] a sophisticated and secure relay platform that will allow our customers to trade hundreds of tokens directly from their wallets.”

One of the aspects to note is that being Paradex a Decentralized Exchange, the control of the tokens does not fall on Coinbase, so the responsibility for trading is unique and exclusive to the users. This is a pioneering policy in a company that is known for being so conservative and meticulous.

Coinbase Bets on Changes and Innovations to Succeed on the Cryptomarket

The improvements that Coinbase is making are both technological and logistical. On April 16, Coinbase Welcomed Balaji Srinivasan as CTO, and the next day Alesia Haas joined as CFO

Alesia Haas: New CFO of Coinbase
Alesia Haas recently joined the Coinbase Team as CFO. Credit: Coinbase

Regarding services and infrastructure, the last few months have been very active for the company:

  • On March 30th they announced support for ERC20 tokens
  • Later, On April 5th they added support for Bitcoin Forks
  • On the same day, they began a startup financing program called Coinbase Ventures
  • Then, on May 15 they published the release of a suite of institutional products
  • On May 23rd they announced that the Gdax exchange would evolve into a rebranding. Its new name will now be Coinbase Pro, offering “professional trading tools and services” through a new UI

These developments put Coinbase back on the crypto-map, not only for their solidity but also for their visionary strategies.