|GDAX is officially dead.
The Coinbase owned intermediate cryptocurrency exchange GDAX met its maker and was shut down.
Coinbase is a cryptocurrency wallet that allows the purchasing of cryptocurrencies like Bitcoin, Ethereum, and Litecoin. A cryptocurrency wallet is very similar to a physical wallet or purse that carries fiat currency, except that it is completely digital.
GDAX was one of the more well-known cryptocurrency exchanges amongst more advanced cryptocurrency traders. A cryptocurrency exchange is very similar to the stock exchange where you buy stocks, instead, you buy digital coins. The exchange was launched back in 2015 with the official logo being Trademarked in 2016.
Back in May, Coinbase announced that the GDAX trading exchange had made the chopping block because the San Francisco based company had to make room for the new revamped and rebranded line of in-suite products they were launching. Including Coinbase, the flagship exchange, the new additions to the product family were Coinbase Pro and Coinbase Prime.
Coinbase is one of the few cryptocurrency purchasing platforms registered with the SEC.
GDAX did not stand a chance but that was nothing to be alarmed about. The exchange was going away but not really. Chalk it up as Coinbase Pro is GDAX with a facelift. The backbones of the new cryptocurrency exchange were ripped right from GDAX. The interface is very similar, gave it a new name, logo, and features. For a full list of new features and upgrades, you can go here.
David Farmer, General Manager of Coinbase Pro, in a blog post announcing the new product and transition said, “Coinbase Pro is an evolution of GDAX, specifically designed for individual crypto traders. When we launched GDAX three years ago, we envisioned a product that would help institutions enter the crypto space.”
Farmer also stated, “GDAX helped us discover the active crypto trader, and realize that this new type of customer requires a platform tailored to their needs.”
Coinbase is geared to the basic cryptocurrency buyer or trader. It has a simple interface and easy to use. A computer is not even needed to set up, access, and buy cryptocurrency on Coinbase. There is an app available in both the Apple app store and the Google Play store. Coinbase Pro is geared towards the advanced traders and Coinbase Prime geared towards institutions looking to invest.
Good news for people who had GDAX accounts with cryptocurrency in the wallets, all wallet information, and contents were transferred over to Coinbase Pro. All previous transactions from GDAX were brought over into the new interface as well.
For now, the transition from GDAX to Coinbase Pro has been quiet with no pouring public outcry. The future will only tell for Coinbase the San Francisco based company. To learn more about Coinbase and all of its products go here.
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Article Posted: 07/28/2021 01:48:18 PM