Coinbase (COIN) is poised to expand its operations into Germany. The U.S-based cryptocurrency exchange has secured a much-needed license to provide cryptocurrency custody services in Germany, reports Reuters.
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The country’s financial markets watchdog BaFin has also authorized the company to offer proprietary trading services. The license is the first of its kind issued to such a business in the European nation. Reuters reports that the license will allow Coinbase GmbH to conduct proprietary trading of crypto assets.
Expanding operations into Germany comes barely a year after Coinbase went public with the listing of its stock in the U.S. (See Coinbase stock chart on TipRanks)
Recently, Canaccord Genuity analyst Joseph Vafi initiated coverage of Coinbase stock with a Buy rating. The analyst has a $285 price target on the stock, implying 15.5% upside potential to current levels. Vafi acknowledges that Coinbase’s short-term prospects are unclear. However, he believes that long-term investment considerations are attractive while remaining bullish about the future of cryptocurrencies and the emergence of blockchain technology.
Vafi stated, “We are also positive about COIN’s ability to grow its user base at impressive rates and what this means for monetization beyond crypto. Playbooks from PayPal and Square’s Cash App seem relevant here.”
Consensus among analysts is a Moderate Buy based on 11 Buys, 4 Holds, and 1 Sell. The average Coinbase price target of $381.93 implies 54.82% upside potential to current levels.
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