Coinbase Global, Inc. (COIN) has acquired crypto wallet firm BRD to further enhance its web3 adoption.
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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