A recent report shows that there has been a considerable decrease in trade volumes on the U.S. cryptocurrency exchanges compared to others outside of the U.S. The comparison was between Coinbase, a U.S. based cryptocurrency exchange with others exchanges such as Binance, Huobi, among others.
Reasons For Drastic Reduction In Volumes
The drastic reduction in volumes on these exchanges has been associated with few reasons. The first being the decline of cryptocurrency values across boards, with top cryptocurrencies losing thousands of dollars as investors continue to pull out their investments because of uncertainties in the cryptocurrency sphere.
Secondly, volumes have dropped due to more stringent regulations surrounding cryptocurrencies, most especially in the United States. These drops have been said to have affected cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Ripple.
Aside from the issues previously mentioned, Coinbase is said to have failed with meeting up with customer expectations as the platform had earlier indicated that they would add more cryptocurrencies to the ones already listed on the platform. The announcement which was made through Coinbases’ official blog mentioned that cryptocurrencies such as Cardano, Basic Attention Token, Stellar Lumens, Zcash, and 0x would be listed soon.
Though there has been no change of plans concerning these, Coinbase, nevertheless, has resulted to presenting its assets to the decentralized community through the platform called Paradex, with over 19 cryptocurrencies listed as at the time of the report.
About Coinbase Paradex Platform
Paradex, as explained by the platform, is a solution that “allows us to overcome frustrating hurdles like order book contention and isolate ourselves from blockchain deficiencies like slow settlement processing, giving users a snappy trading experience that doesn’t sacrifice speed, functionality or security.”
Coinbase, a platform that has taken a deep interest not just in cryptocurrencies but also in its underlying technology, the blockchain, has recently acquired the platform as announced on its official blog.
This move is said to give cryptocurrency investors more convenient approach to trading cryptocurrencies within their wallets. The U.S. based firm will be making its services on the platform, when fully launched, available to users outside the U.S. but U.S. citizens will be included on the long run.
What’s Coinbase Currently Planning
Coinbase changed the name of its official wallet, previously called Toshi but now Coinbase cryptocurrency wallet. The ERC20 compatible wallet is promised to be the best in its category as the app is aiming at making cryptocurrency transactions more user-friendly rather than the long alphanumeric codes the community is used to. Furthermore, the app will support airdrops, making it a significant competition for MyEtherWallet and likes.