Coinbase does not seem to be afraid of growing competition, and it continues to strengthen its position.
The next step was the purchase of the decentralized exchange Paradex, running on the 0x protocol. Paradex allows investors to trade ERC-20 tokens directly from their wallets, acting as a relay for transfers. Hardware wallets are also supported by the system. The concept of a decentralized exchange has not yet gained widespread acceptance among investors.
Coinbase describes Paradex as a “sophisticated and secure relay platform” that requires some changes before it will be available to customers outside the US. And only after changes to comply with regulatory requirements, the site will open to the American market. A company spokesman noted that Coinbase is interested in using smart contracts and sees prospects for the development of Paradex.
Being one of the most convenient platforms for buying and selling Bitcoin, Litecoin, Ethereum and Bitcoin Cash, Coinbase has recently been actively working to attract investors and large traders. Coinbase is positioning itself in the marketplace as a driving force in the American crypto economy rather than just a crypto exchange. The ambition of one of the largest cryptocurrency platforms is confirmed by its active actions in recent months. We see news about the expansion of the platform very often.
In April, the platform was able to boast a 500% increase in the value of shares and market valuation value of $8 billion, acquisition of Earn.com for $120 million, pacquisition of Cipher Browser, free mobile wallet Ethereum and a web3 browser dapp that is similar to its own Toshi product.
Developing strategies to expand the crypto market, Coinbase announced plans to create a venture fund called Coinbase Ventures, which will finance innovative crypto startups, launched Coinbase Index Fund, a profitable solution that allows investors track the performance of all capital at once and has strengthened staff with Wall Street employees..
In parallel with the acquisition of competitors, Coinbase is seeking to attract more large investment companies and has launched new products on the market: Coinbase Markets, Coinbase Custody, Coinbase Institutional Coverage Group and Coinbase Prime.
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