The highly popular cryptocurrency exchange Coinbase has acquired the decentralized token exchange, Paradex. Paradex is a platform that allows its users the ability trade tokens directly with each other through their virtual wallets.
Coinbase said that they’ll be working directly with Paradex's services so that they can better serve customers outside of the United States. According to the company this would eventually enable customers to trade in hundreds of tokens.
Paradex is considered a decentralized exchange because it does not hold any of the tokens that its users trade; users trade with one another by means of a digital wallet.
For the time being Paradex will not be available by Coinbase to the company’s US-based customers. The exchange did say that once everything has been worked out it will open up the trading services domestically.
Brian Armstrong who is the co-founder and CEO of Coinbase welcomed Paradex and said, “The move not only reinforces Coinbase’s commitmentt 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. After making some product enhancements, we’ll initially offer this experience to customers outside the U.S., and eventually to U.S.-customers.”
Coinbase only offers four true cryptocurrencies, which are Bitcoin, Ethereum (Ether), Litecoin and Bitcoin Cash. However, the ease of use the site offers is attractive to many people who are new to cryptocurrency investing.