Coinbase, the largest U.S. cryptocurrency trading service, has acquired a service called Paradex that lets customers trade all sorts of digital tokens on a so-called decentralized exchange.
In an announcement on Wednesday, San Francisco-based cryptocurrency exchange Coinbase confirmed its acquisition of Paradex in a move that will open up Coinbase customers to access and trade coins beyond the four coins – bitcoin, ether, bitcoin cash and litecoin – supported by the exchange.
Coinbase chief executive and co-founder Brian Armstrong said the move underlined Coinbase’s “commitment to investing in decentralized infrastructure” and a marked effort to reach new customers outside the United States.
He stated:
“We’re thrilled to announce the acquisition of Paradex, a relay platform that will allow our customers to trade hundreds of tokens directly from their wallets.”
Paradex, which has 10 employees and is built on a protocol called 0x, is one of several startups pitching the technology as a way for consumers to get access to lesser known cryptocurrencies.
Coinbase, which did not disclose a price for the deal, described Paradex as “a sophisticated and secure relay platform that will allow our customers to trade hundreds of tokens directly from their wallets.”
Coinbase currently offers only four currencies—Bitcoin, Bitcoin Cash, Ethereum and Litecoin—on its platform, in part because the company is wary of regulatory uncertainty concerning which digital tokens must be registered as securities.
That uncertainty also means Coinbase will not immediately make Paradex available to American customers.
“After making some product enhancements, we’ll initially offer this experience to customers outside the U.S., and eventually to U.S. customers after we implement changes,” said the company in a statement.
The company also said on Wednesday that it is overhauling its trading platform for professional investors known as GDAX. Customers of GDAX will be rolled over to the revamped service called Coinbase Pro at the end of June, it said.
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