Coinbase a Leading Beneficiary of Crypto Market Growth: JPMorgan

Written by Sam Bogda – On Friday, JPMorgan (NYSE:) analyst Kenneth Worthington provided a bullish commentary on the cryptocurrency industry and cryptocurrency exchanges. Coinbase Global Inc (NASDAQ:).

The analyst, who maintains a buy rating and a $447 target price on Coinbase shares, told investors in a research note that he sees the cryptocurrency becoming “increasingly relevant to financial services” this year.

“Applications from cryptocurrencies are just getting started,” said the analyst.

Despite the bullish outlook, Coinbase shares are down 2% on Friday and are also down nearly 4%.

However, the long-term outlook is bright. “As financial analysts, we are very excited about the implications for financial services and see coding and hashing hold particularly great promise as transactions in crypto become more competitive with trad-fi networks,” the analyst wrote.

He also believes that the use cases for crypto markets will continue to grow and expects new projects to emerge with more use cases.

Worthington chose Coinbase as the buying company, stating that he sees the crypto exchange as a leading player.

“With these projects attached to tokens and Coinbase, a leading exchange for buying and selling tokens, we see Coinbase as a major direct beneficiary of the growth of the cryptocurrency market,” he added.