In a bit of surprising news, the popular bitcoin exchange and wallet Coinbase is re-branding to the “Global Digital Asset Exchange” or GDAX for short. The reason for the change is so that Coinbase can support other cryptocurrencies, and to start, they are going to be launching with Ethereum trading.
In a statement made to CoinDesk a short time ago, Coinbase Vice President of Business Development Adam White said,
“In addition to better highlighting the exchange that Coinbase is becoming we’re rebranding as GDAX, which stands for Global Digital Asset Exchange.
That doesn’t mean we’re going to add 15 new currencies over the coming weeks, but we’re paying attention.”
Coinbase pivoting to add support for Ethereum shouldn’t come as a total shock, as there have been several other well known bitcoin exchanges to add support for it such as Kraken and Gemini.
Ethereum has been gaining popularity over the past several months in the crypto-community, in part due to the “bitcoin civil war” which has been causing a myriad of problems, and also since Etheruem handles smart contracts differently than bitcoin does. Smart contracts have been seeing a lot of attention lately due to the possibilities that blockchain technology gives us.
An official announcement from Coinbase is expected to be made tomorrow.