Coinbase, the renowned cryptocurrency exchange platform, has made another move to hold a larger share of the growing cryptocurrencies market. Accordingly, Coinbase acquires Paradex cryptocurrency trading platform.
Thus, it is righteous to think that the leading cryptocurrency exchange platform in the United States has acquired the Paradex cryptocurrency trading platform to gain a wider market share in cryptocurrency trading and spread its dominance in the cryptocurrencies market.
The amount paid by Coinbase for the acquisition of Paradex remains unknown, at this moment.
Coinbase acquired Paradex and will soon support a larger number of cryptocurrencies
Paradex permits its customers to trade currencies directly between themselves through the use of digital wallets, rather than via a centralized cryptocurrency exchange platform such as Coinbase, that keeps tokens in safekeeping on behalf of its clients..
At this moment, Coinbase is only offering operations in the four largest cryptocurrencies, namely Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
Additionally to these, Coinbase will take advantage of the Paradex platform which makes it easy to trade in hundreds of cryptocurrencies.
As a result of the acquisition, the number and types of cryptocurrencies that clients can exchange and trade with the Coinbase cryptocurrency exchange platform will expand substantially.
The purchase of Paradex is meant to help Coinbase attract more institutional investors
As we speak, Coinbase is the most popular and appreciated cryptocurrency exchange platform in the United States, as well as in other places in the world. However, Coinbase’s team wants more from the platform as to attract more institutional investors.
The acquisition of Paradex cryptocurrency trading platform might be a step forward in this direction as the Paradex platform is offering the possibility of trading in about a hundred cryptocurrencies and will now become, thanks to Coinbase, active on the US market which would’ve been an impossible task, otherwise, due to SEC regulations.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.