The largest US cryptocurrency exchange operator, Coinbase, announced yesterday that it was changing the name of its trading platform GDAX to Coinbase Pro.
“Since launching in 2015, GDAX has built liquidity and stability in the space and also helped us understand the needs of active crypto traders. Switching to the name Coinbase Pro is a recognition that the individual active trader requires a product completely dedicated to their specific needs,” the San Francisco-based company said in a blog post, explaining the move.
According to the announcement, the rebranded platform will offer professional trading tools and services, as well as a “completely reengineered” user interface. These changes are aimed at making the trading experience easier and more intuitive.
In a separate announcement, published yesterday, Coinbase said that it had acquired Paradex, a relay platform that allows users to trade ERC-20 tokens from their crypto wallets. Some hardware tokens, including the Ledger wallet, are also supported.
“The move not only reinforces Coinbase’s commitment to investing in decentralized infrastructure and participating in the nascent world of wallet-to-wallet trading, but also our focus on the international crypto trader,” Coinbase said.
The company plans to integrate Paradex into Coinbase Pro to enable “our customers to trade hundreds of tokens directly from their wallets”. The new “experience” will initially be available to Coinbase users outside the US, but the company is looking to bring the feature to American users once it secures the necessary regulatory approval.
The move come just over a week after Coinbase released a suite of products for institutional investors. The suite, which included a custody service and a platform called Coinbase Prime, aimed at accelerating the adoption of cryptocurrencies by institutions. With regards to Prime, the company said that the platform provided a suite of tools and services used by institutional investors for cryptocurrency trading.