Coinbase is a US based cryptocurrency exchange that trades the highest crypto/fiat trade at a daily rank scale. The exchange has been in the headlines in the last few hours after the renaming of their subsidiary, GDAX to Coinbase Pro, on Wednesday. This article offers a clear understanding on what the name change means to Coinbase Pro and its future. The article also explores the partnership between Coinbase Pro and Paradex in offering crypto exchange to the world.
Coinbase has in the past weeks come alive (in the media) after a period of quiet developments and partnerships. This past week Coinbase announced that they will be renaming their co-owned exchange GDAX to Coinbase Pro as part of their move to take over the crypto markets. The baptism is not only based on a name but will relaunch with new features to better the functionalities, user friendliness and user experience while trading cryptocurrencies.
The exchange on Wednesday, May 23, 2018 announced that they had acquired the Paradex exchange and they are in the process of integrating it. This is set to allow a wider adoption of Coinbase cryptocurrency exchange to countries outside the US.
GDAX renames to Coinbase Pro
Coinbase general manager, David Farmer, announced on his Medium page on Thursday that GDAX will be renamed to Coinbase Pro. The rebranding to Coinbase Pro is not only a renaming, it also brings about new features to the site. The site will focus on redesigning the website from the institutional investors view to individual cryptocurrency traders. The change is set to roll out completely on the 29th of June 2018.
“Like GDAX, Coinbase Pro customers will still have direct market access to Coinbase Markets, the single pool of liquidity shared by all Coinbase products. When customers log into Coinbase Pro, they will see all of their existing GDAX balances and trade history and enjoy the same trading fees, APIs and security features that the current platform provides.”
New features of Coinbase Pro
This move by Coinbase, termed by some as the pinnacle of cryptocurrency exchanges, is set to bestir the exchange to better heights. The platform will allow seamless trade between individual traders within the selected countries that GDAX operated before. The platform offers multiple new features from the GDAX exchange:
- All transactions and balances from GDAX will automatically appear in Coinbase Pro
- A completely redesigned platform that will make the trading experience easier and more intuitive
- Simplified deposit and withdrawal processes
- Improved charts that will allow customers to easily scroll and access historical data
Coinbase Pro integration with Paradex
Coinbase Pro is set to integrate Paradex exchange into its systems. Paradex exchange is one of the top cryptocurrency exchanges in the world. The transactions on the exchanges has been halted till the integration is complete. Paradex is a peer to peer decentralized exchange that allows users to buy and sell cryptocurrencies without trusting a third party.
The move is set to heavily influence the adoption process of trader on the platform as Coinbase aims at being the best crypto exchange in the world.
“This will significantly enhance the proposition for our customers in terms of what they want to trade and how they want to trade it,”
––Asiff Hirji, Coinbase president and chief operating officer.
The platform is however only available to customers outside the US with Coinbase as regulations are put in place in the US. Paradex has hundreds of cryptocurrency trading pairs which will increase the amounts traded on the exchange.