Coinbase Is Rebranding Its Crypto Exchange Service
On Wednesday, Coinbase announced that it is starting a new version of its subsidiary trading platform GDAX, named Coinbase Pro and buying Paradex, a digital currency trading relay platform.
The new Coinbase Pro, according to the startup, seeks to “make the trading activity simpler and more natural”. Other functionalities include a consolidated portfolio view and an enhanced chart system which presents smooth access to historical data.
According to a release by the company, Coinbase Pro intends to render a host of new functionality for investors apart from simply trading digital assets.
“Our vision is to provide clients the ability to engage in services like protocol voting and staking that are distinguished to the cryptocurrency community. As the decentralized community progress, we expect there will be many more chances for clients to interact with digital currencies in new and unprecedented ways.”
As part of this attempt to let clients use digital currencies, Coinbase Pro will combine Paradex support over the coming days, which will let users “trade many currencies directly from their digital wallets,” the release revealed.
“Originally, this experience is for our clients outside the United States but will be available to United States clients as soon as we get regulatory approval, which we’re actively striving toward,” the firm said.
Paradex allows investors to trade ERC-20 coins right from their digital currency wallets, by serving as a relay for fund transfers. Ledger wallet and other types of Hardware wallets are supported as well.
In order to send ethereum coins, the system demands users to convert them into “wrapped ether,” which is said to be “a tradeable variant of conventional ether.” According to the site, users can also transfer other digital assets after connecting the Paradex application to their wallet.
While Paradex enables users to trade ERC-20 coins stored in their wallets, it is still not clear if the exchange will add direct buying or trading stake for such currency. The company announced in March that it was implementing support for the ERC-20 technical standard but did not disclose any particular products at the time.