May 24, 2018 at 01:16
May 24, 2018 at 01:16 UTC
Coinbase Acquires Cryptocurrency Trading Platform Paradex
Paradex, an efficient platform which enables cryptocurrency users to directly trade virtual coins with each other, has been acquired by Coinbase, thereby adding another useful weapon to their arsenal. The trading platform is a very unique and useful feature that took inspiration from the ancient barter system and used this idea to empower man-to-man transactions without the need of any third medium. Now the plan is to improve the technology of Paradex’s working methods and then Coinbase would launch it outside of the United States and users would be able to trade hundreds of coins at a time.
Details of the financial deal were not disclosed, but the acquisition of Paradex by Coinbase was confirmed officially. Paradex has 10 employees currently and it is considered a decentralised exchange because it does not keep track of the transactions. Rather, it allows users to trade tokens using digital wallets. This move will significantly increase the variety of coin exchanges Coinbase currently provides. Customers will have more access to it rather than having access to the existing conservative varieties. With new competitors listing new coins everyday, Coinbase has planned to gear up and acquired Paradex which provides user exchange in four major cryptocurrencies : Bitcoin, Ether, Litecoin and Bitcoin cash.
Some of the U.S exchanges have been reluctant about listing ICO tokens as they were suspected to be unregistered securities and these could be required to have a licensed regulator in order to be listed on any exchange platform.
Coinbase posted a statement saying,
“Coinbase will open the Paradex platform for the U.S citizens after it is done with modifications of the compliance policies”.
With this move, Coinbase takes one step forward towards its mission of global cryptocurrency access and power to the masses, and similar moves would definitely increase the chances of Coinbase to remain at the top for a very long period of time.