Coinbase has been analyzed thoroughly by the Bank of America (BOA) to see its future standing in the global crypto market. Suggestions have been made by BOA which could boost Coinbase Global’s business and crypto trading expansion in further parts of the world. However, BOA thinks that though Coinbase is ambitious to become a global marketplace like Amazon, yet it would take longer than what Coinbase has thought about and would require great composure and commitment to achieve this objective.
It has been a while that Binance has become a duly listed crypto company by becoming a member of NASDAQ companies. It has taken off its earlier form of a decentralized firm and has officially become a centralized crypto derivative. It is not only expanding its crypto trade business but also introducing further crypto products for its global customers. It is currently one of the top crypto trading firms in the world and its primary competitor is Binance.
However, Coinbase has recently revealed that it has a dire wish to become a great crypto marketplace like “Amazon”. It said that it would make sure that each and every legal crypto coin will be enlisted on Coinbase.
Amazon is a global marketplace where global customers buy consumer products and services within and across borders. Amazon is by far the best global market in the whole world right now. During the times of pandemic, its business grew manifold and the revenue collection in that time for Amazon was the best ever. The online market is now going to accept crypto payments in the future as well.
Recently, BOA has examined the overall business of Coinbase in coverage for NASDAQ. Jason Kupferberg of BOA initiated coverage of Coinbase’s own crypto coin called “COIN” and rated it by giving it a price tag of US$ 273. He said that in the global crypto market currently, Coinbase is the leader. However, he was concerned about the value of Coinbase’s stocks which are currently trading at a higher price. He opined that the higher value of the stocks could be for a short period of time. He then commented upon Coinbase’s wish of becoming Amazon and said that it is too early for Coinbase to even think about that. He said that the model of Coinbase is still under development. It cannot be regarded as the “developed” infrastructure, argued Kupferberg.
Kupferberg suggested that there is a lot to be done by Coinbase if it wishes to become an Amazon of crypto trading. The object would require great composure, commitment, and above all continuous strategy to expand and bring more products to the table. However, he further suggested that the objective can be achieved but Coinbase is required to show more signs of concrete progress.
