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Coinbase welcomes Paradex and shuts down GDAX as part of “Pro” evolution

Sarah Rodrigues



Coinbase welcomes Paradex and shuts down GDAX as part of “Pro” evolution.
Source: PxHere.

On Wednesday, the 23rd of May, Coinbase announced its recent acquirement of Paradex, a platform that enables investors to trade virtual coins directly in the community, and with each other. Coinbase is the largest cryptocurrency trading platform in the U.S.

The financial terms of the deal between the Ethereum [ETH] startup Paradex and Coinbase were not revealed earlier. However, the purchase of the exchange platform is a part of the Coinbase Pro rebrand and shutting down of GDAX down.

A Twitter user named gadgetface commented:

“Now that your joining the big boys…Time to list the big boy currency. $ppi @piedpipercoin”

Denize, a market follower said:

“We already knew. But congrats.”

Mike, another Twitter user said:

“At this rate, its only a matter of time.”

Paradex is a decentralized cryptocurrency exchange which has 10 employees, it does not maintain the custody of the coins on the behalf of their users but allows them to trade through crypto-wallets. The San Francisco based company has plans to enhance their technology and launch the trading services of Paradex to their investors in the United States and customers outside the U.S as well.

Coinbase currently allows trading of only four cryptocurrencies on their platform – Bitcoin [BTC], Bitcoin Cash [BCH], Ethereum [ETH], and Litecoin [LTC].

The exchange platform has also announced the launch of a brand new coin, Coinbase Pro. The coin is an evolution of GDAX and is specifically designed for the direct individual trading of cryptocurrencies. GDAX is currently the 8th biggest cryptocurrency exchange with a trading volume of over $280 million, according to Coinmarketcap.

Coinbase Pro and GDAX will be operating side by side until 29th June 2018, with their activity mirrored on both platforms, however, after 29th of June, all the customers shall be rolled over to Coinbase Pro.

Coinbase Pro announcement tweet.

Coinbase Pro announcement tweet.

Their commitment towards the community and customers is going strong, the coin has a number of exciting features, which are:

  • It has a completely redesigned platform which will make trading much easier and intuitive.
  • Simplified withdrawal and deposit processes.
  • Improved charts that will enable customers to scroll and access data.
  • A new consolidated portfolio view called “My Wallets”, that allows customers to have an overview of their account balances and orders.

MaxKeiserIsGOD, a Twitter user said:


Laith, a Twitterati commented:

“they run a business that’s compliant with US Governance. They are waiting for approval to add coins. So calm down and go back down under your rock and come back in August. Thanks lol.”

Jimmy Derocher pointed out:

“Anyone else notice that Coinbase releases institutional products and announcements when the market is entering or about enter relative lows? I find it fascinating, frankly. It’s why you don’t buy the news, I suppose!”

Daniel E. Renfer, a market follower said:

“I honestly don’t think that they’ve done any planning w.r.t. their announcements and the price. I think they’ve been announcing what they have according to their schedule and it just happens that you don’t have to look too far for a crap day.”

The intention towards Coinbase Pro was to enable investments and utilization of cryptocurrency on a platform for active crypto-traders. The technology offers their customers an opportunity to participate in the cryptocurrency ecosystem.

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Sarah Rodrigues is an intern at AMBCrypto. She is pursuing her English lit, Psychology and Journalism at St. Joseph's College. She researches extensively and writes about Cryptocurrency and Artificial Intelligence. Sarah currently does not hold any value in cryptocurrency.


Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Guest Author



Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.


2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.


3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.


4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.


5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.


6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.


7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.


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