As Ethereum continues to operate an expanding ecosystem, Crypto Exchange Coinbase (COIN) Stands out as one of the leading public companies in line with blockchain, Wall Street broker Bernstein said in a research report on Monday.
The natives of the network (Eth) has collected 80% since June 5, noted the report, catalyzed by Circle’s (CRCL) List and the market’s recognition that most stablecoins are characterized by the Ethereum network.
Coinbase operates one of the largest layers of 2 chains at Ethereum, base that processes more than 9 million transactions daily includes stablecoins, trade, financial applications and consumer-facing services, analysts wrote by Gautam Chhugani wrote.
While the base has no native token, transaction gas fees are settled in ether, placement of coin base to earn sequencer fees in ETH. This contributes to an annual $ 75 million turnover, the analysts wrote.
In addition to transaction fees, base has also emerged as the dominant chain of token implementations, Bernstein said. Coinbas’s decision to integrate all basic marks into its primary exchange platform has significantly increased trading activity, which further increased one-time broker fees.
The launch of the base app, a consumer wallet to buy, sell, hold and transfer crypto (Including StableCOin Payments)Strengthens further Coinbases exposure to Ethereum and its ecosystem.
In addition to its operational activities, Coinbase has a significant Ethskammer that is valued for $ 590 million (136,782 ETH)Which makes the company a direct recipient of the token’s award assessment, the broker said.
When Coinbase highlighted in its earnings report in the second quarter, trading in July increased approx. 40% compared to the Q2 average, driven by increased etherman’s activity.
This wave reflects the wider market voltage around ether, and with over 250 tokens listed on Coinbase, the exchange is ready to take advantage of the wider Ethereum -Ecosystem growth, the report added.
Bernstein has a better classification on the Coinbase share with a price target of $ 510. The shares were 4% higher and traded about $ 323 upon publication time.
Read more: Coinbases Weak Q2 is a blip, not a breakdown: says Benchmark
