Coinbase ERC20

Cryptocurrency exchange Coinbase has revealed that its GDAX platform will evolve to become Coinbase Pro and that it is acquiring Paradex, a token trade rely platform.

According to the San Francisco-based exchange, ‘Coinbase Pro is an evolution of GDAX, specifically designed for individual crypto traders.’ Launched in 2015, GDAX has built liquidity and stability in the sector and has helped the company understand the needs of its active cryptocurrency traders.

The Coinbase Pro platform seeks to provide a trading experience that is easier and more intuitive, as it simplifies the funds flow process. Additional features include improved charts, that will allow customers to scroll and access historical data, and a consolidated portfolio that gives customers a clear overview of their account orders and balances.

In an announcement, David Farmer, general manager of Coinbase Pro, said:

“By enabling both investments and the utilisation of cryptocurrency, we’re offering customers a unique opportunity to begin truly participating in the cryptocurrency ecosystem. Our vision is to give customers the ability to participate in services like staking and protocol voting that are distinct to crypto. As the decentralised ecosystem advances, we expect there will be many more opportunities for customers to interact with digital assets in new and unique ways.”

GDAX users can opt into and start using Coinbase Pro straight away. The company states that they will see all of their existing GDAX balances and trade history. Both products will operate side-by-side until the 29 June 2018, after which all customers who have not opted-in will be rolled over to Coinbase Pro.

In a bid to enable as many of its customers ‘to trade hundreds of tokens directly from their wallets,’ the exchange has acquired Paradex. Over the next few weeks, the non-custodial relayer will be integrated into Coinbase Pro. In an announcement, the company said:

“Initially, this experience is for our customers outside the U.S., but will be available to U.S. customers as soon as we obtain regulatory clearance, which we’re actively working toward.”

Built on top of the 0x protocol, Paradex allows users to trade ERC20 tokens and acts as a relay platform for transfers. In March, Coinbase announced that it was intending to add support for the ERC20 technical standard. At the time, though, it said it wasn’t announcing the support for any specific assets or features.

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