Coinbase to acquire Paradex

Coinbase plans to expand the number of coins traded on the exchange by acquiring the Paradex, a decentralized smart contract-powered trading service
24 May 2018   2060

While providing trading in only four big-time cryptos (Bitcoin, Ethereum, Litecoin and Bitcoin Cash) San Francisco-based exchange Coinbase has been steadily growing in popularity since the opening. And now they plan to expand their operations by acquisition of Paradex, a decentralized smart contact-powered trading platform.

The news about the deal were released on May 24, 2018, though no financial details were disclosed as of yet.

Though Paradex is a small company with only ten employees as of now, Coinbase's acquisition of Paradex will provide their customers with ability to trade hundreds of cryptocurrencies straight from their wallets. Its a significant step for the company, because while US Securities Exchange Commission considers various ICO coins to be equal to securities and so exchanges have to be registered with regulators. Paradex gives Coinbase a chance to abstain from such regulations, because the exchange itself wouldn't be a trader, only a platform for the smart contracts to be stored and deployed from. So the exchange doesn't have to fear crossing SEC in case some of the listed coins are later judged to be commodities.

Over 13 million users will get access to the new functionality in the near future, with release outside of the US once the some technological improvements and integration into the larger platform is complete. And domestic market would see the new features once the appropriate “changes for compliance purposes” are finished.

US OCC to Hire Coinbase's Chief Legal Officer

Brian Brooks will be the Office of the Comptroller of the Currency COO and  Senior Deputy Comptroller since 1st of April
17 March 2020   432

The U.S. Office of the Comptroller of the Currency (OCC) has recruited Coinbase's cryptocurrency exchange legal director, Brian Brooks, as its chief operating officer and first deputy head of department.

Brooks will take office on April 1st. He has been in charge of Coinbase's legal affairs since September 2018. At Brooks' new location, they announced that he would leave Coinbase and replace current COO Morris Morgan. Brooks is also a member of the board of directors of the mortgage company Fannie Mae, but will leave this post with a new appointment.

He is a visionary thinker with a passion for service and a deep understanding of how the financial services industry supports our nation's prosperity. We are fortunate to attract such an experienced and talented individual to join our federal agency.

 

Joseph Otting

Current Comptroller of the Currency

The Office of the Comptroller of the Currency is part of the US Department of the Treasury and supervises national banks. The agency has been operating since 1863 and is taking measures against banks, the practices of which it considers to be excessively risky.