Coinbase acquires P2P trading platform Paradex

US-based cryptocurrency exchange Coinbase has acquired peer-to-peer (P2P) trading startup Paradex in a bid to increase the number of digital tokens available on the platform.

In a statement on the Paredex website, the company said it would work collaboratively with Coinbase to build a more open financial system.

“In our next steps together, we’ll continue to build out the existing Paradex roadmap and continue to explore the world of decentralisation and the amazing opportunities at hand,” said Paradex.

The Paradex platform allows users to trade P2P, removing the central exchange from the process which will help to mitigate the security risks associated with holding funds at centralised exchanges.

In addition to the acquisition of the platform, Coinbase has rebranded its GDAX platform, now called Coinbase Pro, to improve the trading experience.

“Coinbase Pro is an evolution of GDAX, specifically designed for individual crypto traders,” said Coinbase in a statement.
The company is planning to offer its services to US investors once it has made some alterations to the platform for compliance with the country’s regulatory standards.

Coinbase currently offers Bitcoin, Bitcoin Cash, Ether and Litecoin on its platform, and will integrate Paradex to enable users to trade multiple additional tokens directly from their wallets.

The platform services more than 20 million customers and trades $150 billion in assets with a reported revenue of $1 billion in 2017.

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