Coinbase acquires a decentralized exchange known as Paradex, gears up for the trading of “hundreds of tokens.”
Coinbase announced Wednesday that they have acquired Paradex, a decentralized cryptocurrency exchange. With this acquisition, Coinbase plans to make some changes to Paradex that will allow Coinbase users to trade “hundreds of tokens.” After Coinbase has made those changes, they will release Paradex’s services to their clients, first to clients outside of the U.S., followed by U.S. clients at a later date.
This move likely comes due to the ever-increasing amount of competition Coinbase is receiving from companies that offer more crypto assets than Coinbase’s four (those being Bitcoin (BTC), BitcoinCash (BCH), Ethereum (ETH), and Litecoin (LTC)). Coinbase knows that it will have to increase its crypto offerings in order to stay ahead of the competition.
The new digital assets that will be made available to Coinbase users remains to be seen, but they will all be ERC20 tokens.