US-based cryptocurrency exchange Coinbase acquired a decentralized trading platform Paradex, which allows to make buying and selling transactions of ERC20 tokens directly between users using digital wallets.

Coinbase plans to improve platform technology and launch Paradex services for users outside of the United States, enabling them to trade "hundreds of tokens". Services for US customers will be launched later, after making all necessary changes to comply with US laws. As noted by Reuters, the financial terms of the deal were not disclosed. Currently, Paradex accounts with only 10 employees.

"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," Brian Armstrong wrote in his Medium blog.

The acquisition of a decentralized platform for ERC20 tokens trading will significantly diversify trading assets available for Coinbase customers. Until now, this exchange has been much more conservative than many of its competitors, offering trade operations of only four major cryptocurrencies: BTC, ETH, LTC, and BCH.

In addition, Coinbase announced that it plans to close GDAX, a trading platform for professional investors. On 29 June, it will be replaced by a new Coinbase Pro platform, where all GDAX clients will be moved. Practically, Coinbase rebrands GDAX, adding various services and renaming it to Coinbase Pro.

"Switching to the name Coinbase Pro is a recognition that the individual active trader requires a product completely dedicated to their specific needs. The platform will offer professional trading tools and services, delivered through a completely reengineered UI that will make the trading experience easier and more intuitive."