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Coinbase (COIN) is set to expand its operations in Germany. The US-based cryptocurrency exchange has been granted a much-needed license to provide cryptocurrency custody services in Germany, Reuters reports.
The country’s financial market watchdog, BaFin, has also licensed the company to offer proprietary trading services. The license is the first of its kind issued to such a company in the European nation. Reuters reports that the license will allow Coinbase GmbH to conduct proprietary trading in crypto assets.
The expansion of operations in Germany comes barely a year after Coinbase made public its US stock listing (see Coinbase stock chart on TipRanks)
Recently, Canaccord Genuity analyst Joseph Vafi launched a Coinbase stock hedge with a buy note. The analyst has a target price of $ 285 on the stock, which implies upside potential of 15.5% from current levels. Vafi acknowledges that Coinbase’s near-term outlook is unclear. However, he believes that long-term investment considerations are attractive while remaining optimistic about the future of cryptocurrencies and the emergence of blockchain technology.
Vafi said, “We are also positive about COIN’s ability to grow its user base at impressive rates and what that means for monetization beyond crypto. PayPal’s playbooks and Square’s Cash app seem relevant here.
The consensus among analysts is a moderate buy based on 11 buys, 4 takes and 1 sell. Coinbase’s average price target of $ 381.93 implies upside potential of 54.82% from current levels.
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