Barclays analyst Benjamin Budish says that days after Coinbase’s CEO Brian Armstrong suggested the company could leave the U.S. in response to ongoing regulatory uncertainty, the company updated its international strategy. Coinbase released a post updating the strategy, including an announcement that a subsidiary had received a Class F license from the Bermuda Monetary Authority, in addition to hires and/or product launches in Canada, Brazil, and Singapore, and a potential license for a regulated exchange in Abu Dhabi, the analyst tells investors in a research note. Media reports also suggest the company is on the cusp of launching an offshore derivatives exchange, which would increase its competitive positioning overseas, although competition is intense, says the firm. If Coinbase were to launch an overseas exchange, the revenue uplift "could be quite meaningful," says Barclays. The firm keeps an Equal Weight rating on the shares with a $74 price target.
Published first on TheFly
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