Coinbase Target Price Raised After ‘Transformative Week’: Benchmark

Positive legislative and regulatory development of Coinbase stocks last week, among other events, was good for the long-term prospect of growth of Crypto Exchange, Benchmark Investment Bank, the note on Monday wrote.

The company’s share price jumped over 23% as Coinbase insured markets in crypto property, or ClearLicense and double -sided slate of American lawmakers adopted an ingenious act in Senate, which seeks to establish federal rules for stabilcoiniWrote an analyst to research shares Mark Palmer. Coinbase shares changed around $ 300 on Monday, according to Yahoo finance.

While repeating the “Buy” rating, Palmer increased the price for Coinbase at $ 421 with $ 301, explaining that there were more money earnings for the shares, given that the Coinbase initiatives “focused on the full advantage of” improved operational surroundings.

In addition to the fisherman’s license, Coinbase will be able to offer cryptocurrency trading, custody, investment and payments in 27 European Union, Palmer wrote. In a statement on Monday, Coinbase said that he chose Luxembourg to establish his European crypto center.

The Genius Law represents the main opportunity for Coinbase because the “main segment of business of the company” is related to the Circular USDC Stablecoin, Palmer wrote. Coinbase invested in Stablecoin publisher before his public offer, which was extremely successful, and the exchange generates revenue from assets such as support for US cash registers Stablecoin.

In the first quarter of this year, Coinbase has earned $ 300 million in revenue from the condition, which makes approximately 15% of the total exchange of exchange, according to a a letter to a shareholder.

Palmer wrote that Coinbase “would benefit from increased adoption and use of stable bones that will be expected to make the Law on Gena easier,” noting that the proposal of the law could be made by the US House of Representatives and sign in the law by August, to considerable changes.

Coin earns 100% interest to the USDC that is held directly on its platform, and Palmer noted that the company Discovered the payment service Using stablecoin. Coinbase also signaled that USDC would become available as a form of collateral on its platform of derivatives regulated in the US, which is another way to which Coinbase uses USDC.

Although Coinbase tried diversify your income Using Stablecoins, the main money earner has been a transaction fee for years. In the first quarter, the transaction revenue fell 19% compared to a quarter to $ 1.26 billion, in the midst of widespread macroeconomic insecurity.

In the coming months, Coinbase can think of other ways to promote USDC’s use on your platform. Last week, Coinbase’s CEO Paul Grewal said tokenized shares trading “huge priority”, mirroring recent moves from Competitors like KrakenPalmer noticed.

Edited by James Rubin