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Coinbase already serves more than 73 million customers

Coinbase already serves more than 73 million customers

December 19, 2021

Coinbase released new details about the users and information requests from governments or police. The report gives the figures from January 1 to September 30 of this year.

Coinbase released a new Transparency Report this week. This shows how many users they have and which countries have requested information about users. In total, Coinbase received 5,562 requests for account information, an increase of about 27% from the full-year 2020 figures.

About 84% of these requests came from the US, UK or Germany. For example, there were 2,727 requests from the US alone. This mainly concerns investigations into criminal activities. In most cases, Coinbase discloses information such as name, IP address from which logged in, payment information and the like.

Share price has fallen sharply

Coinbase's stock made a high above $365 in November and then started a steep decline. On Friday, we closed at $243.35. Of course, the decline has everything to do with the broad cryptocurrency market that is under some pressure, as Coinbase mainly earns money by charging commissions on buying or selling crypto coins. Coinbase posted revenue of $1.3 billion in the third quarter, well below the $2 billion it made in the second quarter. The enormous fluctuations in the cryptocurrency prices also cause a strongly fluctuating turnover at Coinbase.

Coinbase sees a lot of growth opportunities in the crypto market. For example, the company will soon be throwing itself into NFTs. The service was announced a while ago and currently there are already 2.6 million registered on the waiting list for this new product.

Risks

The risks for the Coinbase share are initially a possible further crash in the prices of crypto coins. Coinbase especially sees a lot of trade when prices rise sharply and when many new people enter the crypto market. In addition, regulation can also be a problem. In September, Coinbase therefore had to cancel the launch of a new service, which would pay interest for the locking and lending of certain coins.

Buying Advice

Almost all firms give a buy recommendation for the share. Needham gives Coinbase a price target of $420, almost 73% above the current price. J.P. Morgan even gives a price target of $447. Goldman Sachs has a target of $387 and Mizuho Securities sees Coinbase rising to $300.

Because Coinbase's price is highly correlated with cryptocurrency, you can also buy bitcoin directly to gain exposure to the crypto market.


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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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