Coinbase Acquires Paradex Exchange, Shifts GDAX to Coinbase Pro
Two major moves from top American fiat-to-crypto gateway Coinbase today, as the exchange acquired decentralized exchange Paradex and announced rebranding its trading arm GDAX to “Coinbase Pro.” The moves are just their latest among a flurry of activity in 2018.
GDAX Now Coinbase Pro
Today, March 23rd, Coinbase CEO Brian Armstrong declared that GDAX would be evolving into Coinbase Pro.
I just published “GDAX is now Coinbase Pro” https://t.co/B3VXGWAJoy
— Brian Armstrong (@brian_armstrong) May 23, 2018
Armstrong pointed over to Coinbase Pro General Manager David Farmer’s announcement post, who explained that the rebrand was “specifically designed for individual crypto traders.”
Going into further detail, Farmer explained that traders could now expect a series of UI and UX improvements, from a “completely redesigned platform” to easier “deposit and withdrawal processes.”
Coinbase President and Chief Operating Officer Asiff Hirji noted to the press that GDAX had effectively been spliced in two, then: institutional clients could use the company’s new institutional trading suite, while Coinbase Pro would cater to individual investors.
— CNBC's Fast Money (@CNBCFastMoney) May 23, 2018
The transition will be finalized by the end of June 2018, per Farmer:
“GDAX and Coinbase Pro will operate side-by-side until June 29, 2018, with activity mirrored on both platforms. After June 29, all customers will be seamlessly rolled over to Coinbase Pro.”
With Paradex, Coinbase Now Has a DEX
Decentralized exchange Paradex has now been added to Coinbase’s ever-swelling list of acquisitions, too.
The DEX, a 10-man operation per Reuters, relies on the 0x protocol. As such, its addition to Coinbase’s growing collection signifies the exchange’s desire to pivot decisively into the trading of Ethereum-based tokens.
In his aforementioned comments, COO Asiff Hirji noted as much, saying today’s developments would “significantly increase the amount of assets people can trade on Coinbase.” He clarified that international customers would have access to Paradex first until regulatory compliance was ascertained U.S. clients.
In response, the Paradax team noted their excitement on the project’s front page:
“One year ago this month, we set out to build the best decentralized relayer that empowers users with self-custodianship. A year later, we’re not only extremely proud of what we’ve achieved, but intensely optimistic about where our space is headed and the explosion of opportunity growing each and every day.”
What’s your take on the rebrand? Do you like the Paradex acquisition? Let us know where you think things go from here in the comments below.
Images via The Coinbase Blog, Paradex