One of the largest cryptocurrency exchanges Coinbase has reported purchasing Paradex, a relay platform that gives the users an opportunity to trade digital assets without intermediaries. Since Paradex is a decentralized exchange, it does not store any tokens, but rather allows the users to make transactions directly between their digital wallets. The inclusion of Paradex into Coinbase will increase the number of cryptocurrencies available for trading. Currently, the choice of crypto assets is limited to bitcoin, bitcoin cash, ether, and litecoin.
The cost of acquiring Paradex remained secret, but the representatives of Coinbase seem to have a lot of confidence in their new service, which they describe as “a sophisticated and secure relay platform that will allow our customers to trade hundreds of tokens directly from their wallets.” Other plans of Coinbase involve the closing down of GDAX, a professional-oriented cryptocurrency trading platform. Paradex support will be integrated instead. The new service will be first available to non-U.S. citizens only, but the company plans to expand the service in the future. Right now, the company is busy making sure its platform is compliant with all U.S. regulations.
Coinbase has been expanding its staff for several months now, hiring people from LinkedIn, Twitter, Facebook, and the New York Stock Exchange.