The San Francisco-based exchange and brokerage service, Coinbase has announced on Wednesday, May 23th the purchase of a peer-to-peer Dex. This platform allows users to exchange “hundreds of tokens” like ERC-20s. reports say that Coinbase wants to enhance the Paradex protocol and launch the service to international customers outside the US.
The Paradex development team comprises ten. They explained that the platform permits the peer-to-peer relay of ERC-20 tokens on top of the Ethereum blockchain. The system has been made decentralized with the use of the 0x protocol that provides “handling settlement without necessitating user accounts or taking custodianship of users’ funds.”
The Paradex website stated that: “We know we’ve been a little quiet, but we’ve been hard at work, and we’re incredibly excited to share that Paradex is joining Coinbase — While we work to integrate with Coinbase, the Paradex app will be temporarily unavailable, starting today, May 23, at 3 pm ET. This doesn’t change our commitment to our users — We’re still working hard to build the best relayer, now with a larger team and more resources.”
Coinbase told the press that before US customers can benefit from the platform, some changes have to be made. They also announced a complete overhauling and rebranding of the GDAX exchange. As from this summer, GDAX will now be known as ‘Coinbase Pro’.
The General Manager of Coinbase Pro, David Farmer, said the trading platform will be more intuitive with a simplified deposit and withdrawal process. The exchange will offer a new feature called ‘My Wallets’ as well as improved charts and access to historical data.
Farmer said that: “As the decentralized ecosystem advances, we expect there will be many more opportunities for customers to interact with digital assets in new and unique ways.”