Coinbase Global, together with BitPay, has partnered with WeWork to help the latter accept cryptocurrency for inbound and outbound transactions and will become the first WeWork member to pay for its WeWork membership in cryptocurrency.
Coinbase (COIN), which is the largest US cryptocurrency trading platform, will facilitate the payment of landlords and third party partners in cryptocurrencies.
The increased demand for flexible and easy-to-use payment solutions is reflected in Coinbase’s decision to pay WeWork in cryptocurrency.
WeWork CEO, Sandeep Mathrani commented, “WeWork has always been at the forefront of innovative technologies, finding new ways to support our members. It only makes sense for us to expand on the optionality we provide by adding cryptocurrency as an accepted form of payment for our members.” (See Coinbase stock analysis on TipRanks)
On April 20, Rosenblatt Securities analyst Sean Horgan initiated coverage on Coinbase with a Buy rating and a $450 price target (40.3% upside potential).
Horgan is bullish on long-term prospects of the stock “as it benefits from growing adoption and acceptance of cryptocurrency.”
At the same time, Horgan is more cautious on the stock in the short term as “the stock faces downside risk from a drawdown in the price of crypto.”
Horgan added, “Crypto has reached an inflection point on its road to legitimacy, and we see this as a long-term disruptive trend that is only in its early innings… as this ecosystem evolves and becomes more valuable, COIN is a way to capture the upside.”
Consensus among analysts is that Coinbase is a Strong Buy based on 5 unanimous Buys. The average analyst price target of $518.80 implies upside potential of approximately 59%.
Since its listing on April 14, Coinbase shares have corrected from $409.6 to around $310 at present.