Though it is not new for vintage investors to see a new currency added to cryptocurrency list and exchanges for trading every day, but rebranding an old platform with a new name is a rare incident. Recently, Coinbase, one of the largest cryptocurrency exchanges in the world, has announced its own new rebranded platform with the name of Coinbase Pro, which is an elevated version of GDAX exchange. Coinbase claims that this new portal is easier to use and intuitive to help users. The announcement for Coinbase Pro was made in a blog post, which later got confirmed in an interview with CNBC by the COO Asiff Hirji. At the time when you’re witnessing new currency being added every day, David Farmer, general manager of Coinbase describes this move as “just one component of exchange’s larger commitment to the growth of the crypto industry”.
What is GDAX?
GDAX is known as Global Digital Asset Exchange that offers a secure and simple platform for traders of all levels to buy and sell digital assets online instantly across twelve trading pairs. GDAX was brought to life when the company realized that the capabilities for this exchange were beyond than what was needed for the individual. The birth of GDAX was not only to feature the new capabilities but also to fetch attention of the worldwide traders and have them believe the exchange has expanded to a better version. At that time, Coinbase emphasized that it didn’t mean that they had rebranded the whole business but they had been just focused on two different entities, Coinbase and GDAX.
How is Coinbase Pro better?
GDAX users will slowly be transferred to the new platform of Coinbase Pro along with their transactions and balances available. Coinbase Pro is focused to provide a better platform that guarantees faster deposits and withdrawals of funds and currencies. Also, the advanced version of charts will help you access your past transactions. Coinbase Pro is also featuring a portfolio with the name of My Wallets to have you an overview of the balances and the funds in respect to your currencies.
Although, company understands that it takes time to adjust, thus Coinbase Pro would initially be working alongside GDAX exchange to give users adequate time to follow up. Customers would have time till June 29th, after which they would be transferred to Coinbase Pro platform. Coinbase Pro is going to incorporate the Paradex relay program to expand the types of digital assets that you can deal with. Armstrong refers this accretion as a reinforcement to “Coinbase’s commitment to investing in decentralized infrastructure and participating in the nascent world of wallet-to-wallet trading.”. in the beginning the service would only be available for the international customers and the US customers would be offered the service would be available as a bulletin board, just like in common equity market.
According to the Coinbase president, Paradex isn’t going to offer its services in the US as the official structures for exchanges and bulletin boards are very different. He adds, “It’s not a decentralized exchange; it’s not an exchange in that sense. It is a bulletin board. I’m being pedantic about it because the US regulators view exchanges one way and bulletin boards another way. And if it’s a bulletin board, you can actually offer a much broader suite of products there to trade. And so, our hope would be that most of the tokens that are already trading on Paradex, we will be able to offer in the US in a compliant manner”.
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Overall, this transformation and addition of Coinbase Pro to cryptocurrency list should gain the same pace of success as its ancestor. GDAX exchange has been stable and built liquidity in the space to help you understand the needs of active crypto traders. When they are rebranding it with the name of Coinbase Pro means that the active trader needs the product that is completely dedicated to their particular requirements. As Coinbase Pro is new, it is expected to offer professional trading tools and services through a better UI that will alleviate your trading experience.