Strong Cryptocurrency Growth Could Translate To Big Gains For Coinbase

SourceNasdaq
SectorFinancial Markets
CountryMiddle east

As has been the case for all recent cryptocurrency-related events, the Coinbase (COIN) initial public offering garnered significant investor attention. Coinbase’s platform facilitates cryptocurrency buying, selling, and storage.

On listing, COIN stock surged to a high of $429. This has been followed by some profit taking, and the stock currently trades at around $300.

It seems that Coinbase is attractive for long-term exposure considering the wider adoption of cryptocurrencies. Company specific fundamentals also point to the stock trending higher.

Which Factors Make Coinbase A Stand-Out?

A recent report by Crypto.com suggests that the total number of global crypto users has reached 106 million as of January 2021. Six months back, the number of crypto users was 74 million. As such, cryptocurrency adoption seems to be at an inflection point.

Specific to Coinbase, the number of users has been steadily climbing. The company reported verified users of 32 million for FY2019. Last year, the number of verified users increased to 43 million. What’s more, for...read more...