The biggest cryptocurrency exchange in the United States, Coinbase Global (NASDAQ:COIN), has partnered with American infrastructure company Transaction Network Services (TNS). The companies have joined forces to improve the speed and effectiveness of the Coinbase Derivatives Exchange (CDE).
CDE is a derivatives exchange platform authorized by the Commodity Futures Trading Commission that offers micro and nano futures instruments. The company launched the platform in mid-2022 to attract more retail customers.
TNS will deploy a cloud-based financial trading solution to CDE infrastructure located in Secaucus, NJ, and Aurora, IL. As a result, users will witness faster trade execution, increased storage capacity, and efficiency in processing large data sets.
Is COIN a Good Stock to Buy?
Turning to Wall Street, analysts seem to have mixed feelings about COIN stock. It has a Hold consensus rating based on eight Buys, seven Holds, and seven Sells. The average WBA price target of $61.59 implies 1.5% upside potential. Shares of the company have gained about 86% so far in 2023.