Stay on top of global financial markets with the Investing.com app:
Visit our Website
Coinbase has made another move to own a larger share of the growing cryptocurrency market.
The leading U.S. exchange has acquired the trading platform Paradex for an undisclosed sum.
Paradex allows customers to trade coins directly with each other using digital wallets, rather than through a centralized exchange like Coinbase’s, which maintains custody of the tokens on behalf of its users.
The acquisition will greatly expand the number and types of coins customers can trade through Coinbase.
Right now, Coinbase only offers trading in four of the biggest cryptocurrencies: bitcoin, either, litecoin and bitcoin cash. The Paradex platform facilitates trading in hundreds of coins.
Coinbase recently announced a number of new products, including a dedicated trading platform, to attract institutional investors.