Inception of GDAX
A Significant growth in interest and activity around cryptocurrencies signaled to Coinbase a need to not only allow access to a highly regarded cryptocurrency like Ethereum, but to provide the larger (institutional) trader with a powerful exchange that is in line with regulation and allows for worldwide access and growth. So the company expanded its existing capabilities around the Coinbase Exchange to allow for the worldwide growth that was occurring with Bitcoin and cryptocurrency trading.
Coinbase recognized that the capabilities for this exchange were beyond what was needed for the individual, more “casual” user of Bitcoin so they decided to rebrand this Exchange as GDAX – Global Digital Asset Exchange– to not only highlight the added capabilities but the worldwide focus that the exchange provides to traders. They also provided access to Ethereum through this exchange to satisfy the growing demand for that cryptoasset.
Coinbase’s White points out the company built GDAX from the ground up. He feels that although there are many smaller exchanges that trade many cryptocurrencies worldwide on a daily basis, Coinbase is in a leading position because of its integration with regulatory concerns and its past success as the leading exchange for Bitcoin and now for Ethereum as well. “We believe exchanges that provide advanced trading features and meet regulatory requirements are most likely to succeed long term,” White says.
Mid-year of 2016, the company made the decision to rebrand the Coinbase Exchange part of their business quest to be the world’s largest exchange and expand its international footprint.