Clearing Up the Confusion: Why GDAX Became Coinbase Pro

Clearing Up the Confusion: Why GDAX Became Coinbase Pro

Keeping tabs on the ever-changing dynamics of the cryptocurrency world isn’t easy. With exchanges coming to life or falling into the abyss and new tokens added to the market, it’s important to keep up-to-date with current events. In recent weeks, one issue appears to have caused continued confusion among casual investors. Despite taking place back in May 2018, there are those that still aren’t sure about the status of GDAX and Coinbase Pro.

New Name, Same Services

Going live in 2015, GDAX was the professional-level crypto trading platform for individuals. Although it was part of the Coinbase stable, the exchange featured more advanced trading options than its counterpart. In essence, GDAX was the site where experienced traders conducted their business while Coinbase was more of a retail product where novices could easily purchase Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH).

Following the acquisition of decentralised exchange Paradex, the executives at Coinbase HQ decided to rename GDAX as Coinbase Pro. The change of name was designed to highlight the exchange’s connection to Coinbase and, in turn, mark it as a place where professionals could buy and sell cryptos. In addition to renaming the site, the acquisition of Paradex allowed Coinbase Pro to launch new features and become a more integral part of the crypto ecosystem.

“Our vision is to give customers the ability to participate in services like staking and protocol voting that are distinct to crypto. As the decentralized ecosystem advances, we expect there will be many more opportunities for customers to interact with digital assets in new and unique ways,” wrote the Coinbase Pro team back in May 2018.

Switch Opens Up New Doors

Coinbase Pro

Coinbase Pro will expand and evolve.

To ensure a smooth transition, GDAX and Coinbase Pro operated concurrently until June 29, 2018. After that point, all GDAX customers were migrated to Coinbase Pro and the original platform was taken offline. As a consequence, anyone looking for the old GDAX will need to visit https://pro.coinbase.com/ to access their account. All new sign-ups will simply become a Coinbase Pro member. For those familiar with GDAX, the new exchange features all the same trading options.

As well as BTC/USD, Coinbase and Coinbase Pro give traders the chances to access Bitcoin Cash (BCH) to Euro (EUR) pairs. What’s more, Coinbase Pro will continue to help fuel the price movements of certain altcoins. Although the status of Coinbase and XRP is still in limbo, the possibility of being listed on one of the largest exchanges has helped spike the digital token’s value. The switch from GDAX to Coinbase Pro hasn’t changed this dynamic.

For all intents and purposes, Coinbase Pro is GDAX 2.0. The main services are the same but the added benefit of Paradex’s software is that it will open the door to new options throughout 2019. This could see Coinbase Pro mount a serious challenge to the dominance of competing exchanges such as Binance and Kraken.

Featured image source: Pixabay

 

 

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