Coinbase, one of the most popular cryptocurrency exchanges, has acquired trading platform Paradex. This move will allow Coinbase to dramatically expand the list of coins that can be traded by its users, currently limited to Bitcoin, Litecoin, Ether and Bitcoin Cash.
In the past, Coinbase has been known to be conservative, staying away from all but the four largest cryptocurrencies. With the boom in token sales and coin offerings over the past year, the cryptocurrency market has expanded significantly.
It seems that Coinbase plans to remain cautious and implement changes to make sure the platform is compliant with regulations. In fact, Paradex services will be offered to US customers only after these changes have taken effect.
The Paradex deal is part of a larger overhauling strategy initiated by Coinbase to provide enhanced trading solutions for professional and institutional investors. Users of its professional platform GDAX will be migrated to a new service called Coinbase Pro at the end of June