Coinbase the leading cryptocurrency exchange in the US announced recently that it’s planning to launch a new service known as ‘Coinbase Pro’ to gradually phase out the existing GDAX platform.  in a month’s time. The company is also planning to launch its own crypto wallet that will have features from both Toshi toolkit and Paradex. Coinbase intends to utilize the combined technologies from both startups to expand its offerings.

Coinbase Pro and Paradex users will get a chance to trade in a variety of altcoins directly from one wallet to anothe without the need to have a third party exchange. As part of the deal, Paradex staff members will continue working with Coinbase to harmonize and align the exchange with the new technology. Coinbase will facilitate the normal USD, Bitcoin (BTC) Litecoin (LTC) and Bitcoin Cash (BHC), while at the same time Paradex will offer Ethereum (ETH) tokens.

Several Wall Street banks including Goldman Sachs, JPMorgan Chase, and others are increasingly venturing into the cryptocurrency space. Goldman Sachs has already opened a BTC trading desk while JPMorgan is planning to launch a trading hub in the near future. Financial institutions across the world have been indecisive in taking up the opportunities in the digital currencies due to increasing number of concerns over the price volatility and scams that have been associated cryptocurrency industry.

Thousands of individual investors have lost their hard earned cash in the schemes such as the initial coin offerings (ICOs). Furthermore, there have been cases where the customers’ accounts have been wiped out by hackers including Coinbase itself despite it being the leading high tech firm in the globe. Coinbase is currently working on a custodian service that can securely hold the tokens for its institutional investors.