A new version of GDAX, Coinbase Pro, is revealed
Coinbase has announced a new version f its GDAX trading platform called Coinbase Pro.
The leading US-based cryptocurrency exchange made the announcement in a blog post on Wednesday.
The announcement follows news on the same day of Coinbase’s acquisition of relay platform Paradex.
Coinbase Pro is an evolution of GDAX, according to the Coinbase blog post.
The new version is specifically designed for individual cryptocurrency traders.
Coinbase says it hopes the new product will make the platform “easier and more intuitive.”
Included in Coinbase Pro are new features such as simplified deposit and withdrawal processes.
In addition, it will also enable customers to take advantage of services like staking and protocol voting.
Coinbase Pro will integrate the Paradex relay platform which will let customers trade with “hundreds of tokens directly from their wallets.”
This would considerably expand the types of digital assets to which customers can access through Coinbase.
According to the blog post, the new service will be made available to customers outside the US first.
It will eventually rolled-out to American clients too, however.
It doesn’t hold custody of tokens on behalf of users, clients instead trade ERC20 tokens directly from their own wallets.
The blog post doesn’t mention financial details of the acquisition.
Until June 29, 2018, GDAX and Coinbase Pro will operate in tandem, after which point “all customers will be seamlessly rolled over” to one single platform.
Described as a “basket of digital assets,” the Coinbase Index Fund includes all of GDAX’s four coins: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
The fund charges a two percent annual management fee and requires a minimum investment of $10,000.
In terms of 24-hour trade volume, GDAX is currently the seventh largest exchange.