Coinbase announced last week that it wasgoed revamping its trading technology and creating a fresh suite of services to attract more institutional investors, including hedge funds and high-frequency trading firms.

Fresh YORK, May 23 (Reuters) – Cryptocurrency exchange Coinbase has acquired Paradex, a verhoging that enables users to trade supuesto coins directly with each other, the San Francisco-based company said on Wednesday.

Coinbase plans to make some enhancements to the technology and launch Paradex&rsquo,s services to customers outside of the United States, enabling them to trade &ldquo,hundreds of tokens,&rdquo, it said.

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The financial terms of the overeenkomst were not disclosed.

Paradex, which has Ten employees, is considered a decentralized exchange because it does not maintain custody of the tokens on behalf of its users but permits them to trade them through digital wallets.

The budge will significantly expand the types of cryptocurrencies that customers will be able to access through Coinbase, which has traditionally bot more conservative than competitors ter listing fresh types of coins. The exchange offers trading ter four of the largest coins: bitcoin, ether, litecoin and bitcoin metselspecie.

The number of cryptocurrencies has surged to more than 1,600 overheen the past year ter part fueled by a esplendor te initial coin offerings (ICO), online fundraisers where fresh coins are issued to contributors.

Some U.S. exchanges have bot more cautious about listing ICO tokens because of concerns that they might be considered unregistered securities and could require platforms that list them to be licensed by regulators.

Te March the U.S. Securities and Exchange Commission warned investors that platforms suggesting trading of digital assets that are securities and operate spil an &ldquo,exchange&rdquo, vereiste register with regulators.

Coinbase will &ldquo,eventually&rdquo, suggest access to Paradex services to its U.S. customers after it implements &ldquo,switches for compliance purposes,&rdquo, it said.

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The company also said on Wednesday that it is overhauling its trading verhoging for professional investors known spil GDAX. Customers of GDAX will be spinned overheen to the revamped service called Coinbase Voor at the end of June, it said.

Coinbase announced last week that it wasgoed revamping its trading technology and creating a fresh suite of services to attract more institutional investors, including hedge funds and high-frequency trading firms. (Reporting by Anna Irrera, Editing by Cynthia Osterman)

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