As Ethereum continues to feed an expanding ecosystem, Crypto Exchange Coinbase (COIN) It stands out as one of the main public companies aligned with the block chain, said Wall Street Bernstein corridor in a research report on Monday.
The native token ether of the network (Eth) 80% has been recovered since June 5, the report said, catalyzed by Circle’s (CRCL) List and the realization of the market that most stables are coined in the Ethereum Network.
Coinbase operates one of the largest layer 2 chains in Ethereum, base, which processes more than 9 million transactions daily, covered by stable, trade, financial applications and consumer -oriented services, wrote analysts led by Gautam Chugani.
While the base has no native token, transaction gas rates are resolved in ether, placing Coinbase to win sequencer rates on ETH. This contributes to an annualized income rate of $ 75 million, analysts wrote.
Beyond the transaction rates, base has also become the dominant chain for Tokens deployments, Bernstein said. Coinbase’s decision to integrate all base tokens into its primary exchange platform has significantly increased commercial activity, which further increases brokerage rates called by ETH.
The launch of the base application, a consumption wallet to buy, sell, retain and transfer crypt (including Stablecoin payments)Even more strengthens the exposure of coinbase to Ethereum and its ecosystem.
In addition to its operational activities, Coinbase has a considerable ether treasure valued at $ 590 million (136,782 eth)Making the company a direct beneficiary of the appreciation of the Token price, said the corridor.
As Coinbase highlighted in its profits of the second quarter, July negotiation rates increased approximately 40% compared to the average Q2, driven by greater Ether negotiation activity.
This increase reflects the broader emotion of the market that surrounds Ether, and with more than 250 tokens listed in Coinbase, the exchange is ready to benefit from the broader growth of the Ethereum ecosystem, the report added.
Bernstein has a higher performance rating in Coinbase shares with an objective price of $ 510. The shares were 4% higher, quoting around $ 323 at the time of publication.
Read more: the weak q2 of coinbase is a blip, not a breakdown: Benchmark says
