While Ethereum continues to give strength to an expanding ecosystem, the Crypto Exchange Coinbase (Coins) Standing as one of the leading public companies aligned with Blockchain, Wall Street Broker Bernstein said in a research report Monday.
The native token ether of the network (Et) has been rarely 80% since June 5, the report has been mentioned, that -catalyzed by Circle’s (CRCL) List And the realization of the market that most stablecoins are mininted on the Ethereum network.
Coinbase runs one of the largest Layer 2 Ethereum chains, bases, which process more than 9 million transactions daily, covering stablecoins, trade, financial applications, and services facing consumer, analysts led by Gautam Chhugani.
While the base is no native token, the gas transaction fees are fixed to the ether, positioning the Coinbase to earn consumption fees in ETH. It contributes to an annual rate of the run run of $ 75 million, the analysts write.
Beyond the transaction fees, the base also appeared as a dominant chain for token deployments, Bernstein said. The Coinbase’s decision to include all base tokens on its main exchange platform significantly increased trading activity, which further strengthens ethical brokerage fees.
The launch of Base appa consumer purse for buying, selling, handling, and transferring crypto (including stablecoin payments)Coinbase’s exposure to Ethereum and its ecosystem further strengthened.
In addition to its operational activities, Coinbase holds a massive ether treasury worth $ 590 million (136,782 eth)That makes the company a direct beneficiary of appreciation for the token price, the broker said.
As has been highlighting the Coinbase Second quarter income The report, July trading fees moved forward by approximately 40% compared to the Q2 average, driven by increasing ether trading activity.
This progress reflects the broader market disturbance surrounding the ether, and with more than 250 tokens listed in Coinbase, the exchange has prepared to benefit from the greater growth of the Ethereum ecosystem, the report added.
Bernstein has an outperform rating in Coinbase stock with a price target of $ 510. Distributions are 4% higher, trading around $ 323 at the time of publication.
Read more: Coinbase’s weak Q2 is a blip, not a breakdown: Benchmark says
