Coinbase Gets Canaccord Boost, Seen as Ramp to Crypto



© Reuters

By Christiana Sciaudone

Investing.com —  Coinbase rose 0.6% as Canaccord initiated it with a buy and calling it the “on-ramp” to cryptocurrency.

Analyst Joseph Vafi set a price target of $285. Shares are trading a hair under $234 today.

“While the short term is less clear, the long-term investment considerations relative to COIN are attractive – as we believe in the future of cryptocurrencies, emergence of blockchain clouds/decentralized finance and entire ecosystems that likely emerge around these new markets,” Vafi wrote in a note, according to StreetInsider. “We are also positive about COIN’s ability to grow its user base at impressive rates and what this means for monetization beyond crypto.”

Coinbase, a fintech focused on cryptocurrency, went public in April. Shares have since dropped almost 30%. 

“We view COIN as a kind of ‘super on-ramp’ to everything crypto, and that holds true for consumers, institutions and enterprises,” Vafi said, according to CNBC. “Today that on-ramp is mostly comprised of trading revenue, but the future here could unfold rather fast and include support of new protocols, exploiting the nascent hyper growth in DeFi (decentralized finance), and even owning cloud-centric blockchain solutions. But that is the future.”

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

See also  Oracle Earnings, Revenue beat in Q4

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here