Coinbase has taken another massive step in establishing itself in the emerging cryptocurrency market. The largest crypto exchange platform in the U.S. has acquired decentralized exchange (DEX) platform Paradex.
Paradex: The P2P ERC20 DEX
Paradex isn’t your usual cryptocurrency exchange platform. It is a peer-to-peer (P2P) ERC20 DEX service that utilizes the 0x protocol. As a DEX, it offers users the ability to trade cryptos directly from their wallets rather than using centralized services like Coinbase, Gemini, etc. Thus, users have full custodial rights over their tokens and fiat capital.
According to the platform’s website, Paradex is excited at the prospect of becoming part of the Coinbase crypto ecosystem. A statement on the site reads:
It was clear from our first conversations with Coinbase that the excitement and optimism was mutual. Like Coinbase, we believe wholeheartedly in the power of an open financial system; it’s paramount to what we’re working towards at Paradex. In our next steps together, we’ll continue to build out the existing Paradex roadmap and continue to explore the world of decentralization and the amazing opportunities at hand.
During the protocol integration process as Paradex becomes part of the Coinbase family, the platform’s app will be unavailable. According to Reuters, Coinbase will include some modifications to the app before launching it to customers outside of the United States.