Coinbase Global, Inc. (COIN) has acquired crypto wallet firm BRD to further enhance its web3 adoption.
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The financial terms of the deal have been kept under wraps. Shares of COIN lost 1.52% on November 25 to close at $312.38.
Coinbase is an American company that operates a secure cryptocurrency exchange platform, which facilitates easy buying, selling, and storing of cryptocurrency like Bitcoin, Ethereum, etc.
Founded in 2014, BRD focuses on decentralization, security, and customer-controlled funds.
A tweet from Coinbase Wallet stated, “The team brings deep expertise in self-custody for crypto wallets, which will help Wallet enable more people to safely and securely access the decentralized world of crypto.”
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Analysts Recommendation
Following the results announcement earlier this month, Mizuho Securities analyst Dan Dolev reiterated a Hold rating with a price target of $300 (4% downside potential).
Consensus among analysts is a Strong Buy based on 13 Buys, 2 Holds, and 1 Sell. The average Coinbase price target of $398 implies that the stock has upside potential of 27.4% from current levels. Shares have gained about 29% over the past six months.
TipRanks’ Smart Score
COIN scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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