Coinbase acquires cryptocurrency trading platform Paradex

23 May, 2018
by Joeri Cant
Breaking News
Coinbase acquires cryptocurrency trading platform Paradex

Coinbase, the San Francisco-based cryptocurrency exchange has acquired Paradex, a platform that enables users to trade virtual coins directly with each other.

The company said, they plan to make some enhancements to the technology and launch Paradex's services to customers outside of the United States, enabling them to trade "hundreds of tokens". Coinbase will "eventually" offer access to Paradex services to its U.S. customers after it implements "changes for compliance purposes".

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

By acquiring Paradex, Coinbase, which has traditionally been conservative in listing new types of coins, will significantly expand the types of cryptocurrencies that customers will be able to access. Currently the exchange offers trading in bitcoin, ether, litecoin and bitcoin cash.

No financial terms of the deal were disclosed.

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Read more about: Coinbase

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