tiprankstipranks
Market News

Coinbase to Provide Crypto Exchange Services via Alviere’s HIVE Platform

Leading cryptocurrency exchange platform Coinbase Global Inc. (NASDAQ: COIN) recently revealed that it has entered into a partnership agreement with a fintech company, Alviere, to provide crypto services through Alviere’s embedded finance platform, The HIVE.

Following the news, shares of the company rose almost 4% on Thursday. The stock, however, pared its gains slightly to close at $190.05 in the extended trading session.

The partnership entails Coinbase offering its Coinbase Prime service to Alviere, which will allow the company access to Coinbase’s crypto infrastructure and integrate crypto services.

With this, users of Alviere’s programs will be able to buy, store and sell select digital assets like BTC, ETH, LTC and USDC.

The feature will initially go live only for Alviere’s program users in the United States.

Management Commentary

The Head of Institutional Sales and Introducing Brokers at Coinbase, Guillaume Chatain, said, “Partnering with Alviere presents another opportunity for Coinbase to achieve its goal to make crypto an increasingly mainstream financial option for individuals, companies and other organizations. The Alviere team’s success developing an embedded finance platform made the company an ideal partner to bring crypto services to traditional brands.”

Stock Rating

Recently, Citigroup analyst Peter Christiansen reiterated a Buy rating on the stock. The analyst, however, lowered the price target from $300 to $275, which implies upside potential of 44.6% from current levels.

Consensus among analysts is a Strong Buy based on 13 Buys, two Holds and one Sell. Coinbase’s average price target of $316.27 implies upside potential of 66.3% from current levels. Shares have declined 42.1% over the past year.

Website Traffic

TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Coinbase’s performance this quarter.

According to the tool, the Coinbase website recorded a 16.29% monthly decline in global visits in February, compared to the same period last year. Further, the website traffic has declined 45.19% year-to-date, compared to the previous year.

Download the TipRanks mobile app now

To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

Read full Disclaimer & Disclosure

Related News:
Spotify Strikes Billing Deal with Google, Stock Up 3%
SiriusXM Bags Contract to Expand Reach of Crooked Media’s Lineup of Podcasts
Marsh & McLennan Ups Share Buyback Plan by $5B, Announces Quarterly Dividend

Tired of arriving late to the Big Returns Party?​
Most investors don’t have major gainers like TSLA or NVDA on their radar from the start.
The profusion of opinions on social media and financial blogs makes it impossible to distinguish between real growth potential and pure hype.
​​For the past decade, we have developed and perfected technology designed to help private investors, just like you, find the best opportunities, with the greatest upside potential, in any financial climate.​
Learn More