Coinbase a Leading Beneficiary of Crypto Market Growth: JPMorgan -Breaking
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© Reuters Sam Boughedda
Investing.com — Kenneth Worthington, analyst at JPMorgan (NYSE :), gave bullish comments on Friday’s cryptocurrency market and exchange. Coinbase Global Inc (NASDAQ:).
In a research note, the analyst maintained a Buy rating on Coinbase shares and a $447 price target. He stated that crypto will be “increasingly pertinent to financial services this year.”
“The applications from crypto have only just begun,” the analyst said.
Coinbase’s shares dropped 2% and nearly 4% Friday despite its bullish outlook.
Long-term prospects are bright however. Analyst wrote that “As financial analyst, we are most excited over the implications for financial service and see tokenization/fractionalization as holding particular large promise as transaction speeds in cryptocurrency become more competive with trad fi networks.”
He believes that the market will grow in the future and anticipates the emergence of new applications.
Worthington selected Coinbase for his company purchase, explaining that he views the crypto exchange as a leader.
“With these projects attached to tokens and Coinbase a leading exchange to buy and sell tokens, we see Coinbase as a leading direct beneficiary of cryptomarket growth,” he added.
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