Coinbase's Ancillary Businesses Offer Just as Big an Opportunity as Exchange, Says JMP Securities

According to a research report by JMP Securities, Coinbase's ancillary businesses are experiencing momentum and growth opportunities. The report notes that Coinbase's daily spot trading volume in Q1 has more than doubled from the previous quarter, and its newly launched derivatives platform is scaling quickly. JMP sees an opportunity for Coinbase to participate in the future growth and innovation of the sector by working with traditional finance firms rather than competing with them. The broker has a market outperform rating on Coinbase shares with a $300 price target.