Coinbase Is More Than Just a Crypto Exchange: JMP Securities
Summary
JMP Securities reported that Coinbase's ancillary businesses are gaining momentum, with significant growth opportunities in the exchange and custody offerings. The company's daily spot trading volume has more than doubled from the fourth quarter of last year, and its newly launched derivatives platform is scaling rapidly. Coinbase is also expected to participate in the development of blockchain use cases, including tokenization of real-world assets and activities in payments and Web3 development. The report highlights the potential for Coinbase to work with traditional financial firms in the digital assets space. JMP has a market outperform rating on Coinbase shares with a $300 price target.
