TechFlow news, July 31 — According to The Block, research firm Bernstein maintained its "outperform" rating for Robinhood and Coinbase, stating that the crypto bull market is still in its early stages. Robinhood's second-quarter revenue increased 46% year-on-year, with crypto trading volume up 32% year-on-year.
Coinbase has entered a strategic partnership with JPMorgan Chase, allowing Chase Bank customers to directly link their Coinbase accounts and convert reward points into USDC at a 1:1 rate.
Bernstein analysts noted that although Robinhood and Coinbase stocks have risen significantly this year, the current cryptocurrency bull market remains in its early phase. Robinhood's stock has surged over 175% year-to-date, while Coinbase has risen 47%, compared to Bitcoin and Ethereum's gains of 27% and 15% respectively this year.
Bernstein believes Coinbase is becoming a core platform enabling traditional banks to access blockchain financial infrastructure, a trend that will accelerate the mainstream adoption of USDC in payments and savings.
