Coinbase Expands Trading Capability With Acquistion of Paradex – FREEQ Crypto News
San Francisco based cryptocurrency exchange Coinbase will give it’s users the capability to trade “hundreds of coins” through its acquisition of Paradex, a decentralized podium that enables users to trade digital currency via clever contracts which are recorded on the blockchain.
Coinbase’s Fresh Acquisition Gives Customers Access to Hundreds of Coins
Coinbase announced the take overheen on Wednesday, May 24, but no financial details were disclosed. A spokesperson described Paradex calling it “a sophisticated and secure relay verhoging that will permit our customers to trade hundreds of tokens directly from their wallets.”
The addition of the relatively petite Paradex, which employs only ten people, will greatly expand the number of cryptocurrencies Coinbase’s overheen 13 million users can access. Until now the exchange has limited itself to suggesting only the big four coins: Bitcoin, Ethereum, Litecoin and Bitcoin Metselspecie.
Coinbase intends to launch Paradex’s services to its customers outside of the US merienda it completes some technological enhancements and will eventually make it available to its huis customer colchoneta merienda it has made the suitable “changes for compliance purposes” required by US regulatory bods.
Clarity proceeds to be a major kwestie with American cryptocurrency exchanges spil the Securities Exchange Commission has warned that trading coins considered securities require the exchanges to be registered with regulators. With the number of cryptocurrencies ter existence at 1,600 and expected to proceed to grow due to the popularity with startup companies fundraising through initial coin offerings, it is presently unlikely for either the SEC or exchanges to vettig the nature of every project.
The unresolved clarity kwestie has compelled exchanges te the US to be careful about listing coins from ICOs lest they are straks judged by the SEC to be commodities. Paradex may be able to sidestep this spil it only enables clever contract trading and has no custody overheen the coins traded through its podium. This may permit Coinbase users relatively safe access to “hundreds of Coins” without putting the exchange te jeopardy of crossing the SEC.
Coinbase Revamping GDAX
Ter keeping with the trend running towards Wall Street Coinbase announced last week that it would be upgrading its trading technology and creating fresh services aimed at institutional money coming from hedge funds and trading firms. Carrying through with that announcement on Wednesday the company said it would also be revamping its professional investor GDAX podium. Existing GDAX customers will automatically be given access to the fresh Coinbase Voor service ter June a spokesperson at Coinbase said.