In 2015, the company realized there was a need for a dedicated platform with more options for crypto traders. They launched a platform for professional or more advanced traders called the Global Digital Asset Exchange (GDAX). In 2018, Coinbase rebranded GDAX and updated its design. It is now called Coinbase Pro. Coinbase Pro is a platform where traders can view real-time information on a large number of Bitcoin currencies. These stats include market size, prices, and other information that investors need.
Coinbase Was the First Licensed U.S. Bitcoin Exchange
Coinbase is not a bitcoin currency. It is an exchange platform that allows traders to conduct transactions in the different types of digital currencies and store them in wallets. The currencies traded on the platform include Ethereum, Bitcoin, and Litecoin. In mid-2013, Coinbase became the highest funded Bitcoin startup. It raised a $5 million investment from Union Square Ventures. However, during that same period, the value of Bitcoin had decreased from a high of $266 in April of 2013 to about $108 when the investment was announced. This new venture attracted a lot of attention and new media coverage. The interest was not only about the amount raised but the fact that the investors were banks and the New York Stock Exchange. The founders of Coinbase worked on building a strong and open relationship with regulators. This helped to create the level of investment they received.
How Did GDAX Get Started?
It didn’t take long for Coinbase to see that their exchange could work for more complex trades than casual, individual traders were making. They decided to rebrand the Exchange as the Global Digital Asset Exchange (GDAX). This change did not only highlight the added capabilities. It also drew attention to the worldwide focus that GDAX offered to traders. The new platform also allowed trades of Ethereum, due to growing demand. Coinbase built GDAX from the ground up. In the middle of 2016, the company decided to rebrand the Coinbase Exchange. This was part of its goal to be the world’s largest exchange and expand its international footprint.
Why Did GDAX Become Coinbase Pro?
Coinbase had to make a few major changes to address the concerns of users. Security of a client’s Bitcoin holdings had become an issue. To deal with this, the company put in place an easy way to store Bitcoin balances on the Pro platform. This was known as “cold storage.” This approach takes a client’s private keys off of the network. They are then stored in physical form, such as USB drives or on paper, known as “vaults.” Coinbase began to store these physical copies in real vaults and safety deposit boxes in different places around the world. The company also started to tailor its service to pro traders by making a new platform design. Pro users can now use a mobile app to access the information and services they need to make trades. They also have access to lower fees, worldwide support, and insurance.
Coinbase Market Information
Coinbase provides information on the digital currency markets you are able to access. There are over 50 markets available. Some of the most popular ones include Bitcoin U.S. Dollar (BTC-USD), Ethereum U.S. Dollar (ETH-USD), and Bitcoin Cash U.S. Dollar (BCH-USD). Each of these markets is based on the underlying coin—Bitcoin, Ethereum, or Bitcoin Cash, for example. Each market has a minimum and maximum order. This means investors must buy at least the minimum but no more than the maximum in every order. Tick size is listed as well. In this context, a standard tick is $10. A tick size of .01, then, is equal to $0.1.
Coinbase Pro Exchange Interface
The interface for Coinbase Pro is simple to learn and easy to use. It allows traders to view their selected currency in real time. There is an order book, which shows the market size and prices as trades are being made. The real-time bid-ask spread is shown (the profit the platform receives) per trade. There are also price and depth (number of open buy and sell orders) charts you can toggle between. Along the left side of the page, you are able to take a number of actions. These include viewing buy and sell forms, placing limits and stops on your orders, and placing your buy and sell orders.
