TechFlow news, JMP Securities said in a research report on Thursday that Coinbase (COIN) is more than just a cryptocurrency exchange, as momentum in its ancillary businesses continues to strengthen. As the market matures, significant growth opportunities for the exchange business are still expected.
The report stated: "Coinbase's average daily spot trading volume in the first quarter was approximately $3.3 billion, more than doubling from the previous quarter. The newly launched derivatives platform is also expanding at a remarkable pace. Relative to the growth opportunities in exchange and custody products, we see equally exciting opportunities in today's blockchain use case development, and expect Coinbase to participate in these areas."
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