Crypto industry giant Coinbase has acquired Paradex, a decentralized cryptocurrency trading relay platform that enables users to trade hundreds of ERC-20 tokens directly from their wallets.
In an announcement on Wednesday, San Francisco-based cryptocurrency exchange Coinbase confirmed its acquisition of Paradex in a move that will open up Coinbase customers to access and trade coins beyond the four coins – bitcoin, ether, bitcoin cash and litecoin – supported by the exchange.
Coinbase chief executive and co-founder Brian Armstrong said the move underlined Coinbase’s “commitment to investing in decentralized infrastructure” and a marked effort to reach new customers outside the United States.
“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.”
Coinbase, among the world’s most valuable centralized cryptocurrency exchanges, first announced support for ethereum-based ERC20 tokens in March but it remains to be seen if the exchange will add support for trading or purchases for the tokens following its latest acquisition. As a relay platform for transfers, Paradex notably allows users to trade ERC20 tokens directly from their wallets.
The acquisition comes amid a revamp of its existing trading platform GDAX, which will soon be overhauled in a rebrand into ‘Coinbase Pro’. The exchange says it will integrate the Paradex platform into its new upgraded ‘Pro’ exchange in the coming weeks.
At launch, the service will rollout to international customers while Coinbase works on “enhancements” to ensure the product is compliant with stateside regulations before launching in the US.
“Initially, this experience is for our customers outside the U.S. but will be available to U.S. customers as soon as we obtain regulatory clearance, which we’re actively working toward,” Coinbase added.
Featured image from Shutterstock.
Last modified: March 4, 2021 5:08 PM