Coinbase, a the top-tier cryptocurrency exchange platform in the industry, is now heading deeper into the blockchain market. The company recently acquired Paradex to begin their ERC20 tokens services and to provide a better peer-to-peer trading platform focused on speed, reliability, and non-custodianship.
THE VISION OF PARTNERSHIP
Paradex announced the exciting collaboration and the company’s hiatus on their website last Wednesday, May 23. The team behind the platform shared their deepest gratitude by saying “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.”
Currently, Coinbase offers two types of trading platforms: Coinbase for novice traders and Global Digital Assets Exchange (GDAX) for seasoned traders. They allow buying and selling of four digital coins: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC). The addition of Paradex to the firm instantly adds ERC20 tokens to their list and in return, boost the number of digital assets coming in and out of the platform. All this and more are made possible through the help of Initial Coin Offering (ICO), a service that made thousands of digital coins and tokens available worldwide.
Supplementary to the addition of ERC20 tokens, Coinbase CEO Brian Armstrong confirmed that the firm is planning to offer Paradex to customers outside the United States before entering the actual US Blockchain market, then GDAX will be possibly be rebranded as Coinbase Pro at the end of June.
ERC20 is the Ethereum technical standard that most of ICO tokens are based on. These are tokens following a set of rules in order to function in the Ethereum system. Each token has a completely unique smart contract and can function as a cryptocurrency, project share, asset-ownership certificates, and loyalty points.
As of 2018, there are thousands of ERC20 tokens circling the market. It’s hard to find the best among them, but here are the top 10 coins most commonly used by crypto-owners:
- Trom (TRX)
- VeChain Thor (Vet and Thor)
- Icon (ICX)
- Binance Coin (BNB)
- OmiseGo (OMG)
- Zilliqa (ZIL)
- Aeternity (AE)
- 0x (ZRX)
- Bytom (BTM)