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2 Stocks to Compare as Coinbase (COIN) Builds Base in Europe
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Coinbase Global, Inc. (COIN - Free Report) , the largest crypto-exchange in the United States in terms of trading volume, had a major win late last week when it bagged an Anti-Money Laundering compliance registration from the Bank of Spain. This makes Coinbase a registered crypto-exchange in the country. The company revealed the news in a Friday blog post.
Ever since FTX went bankrupt in November 2022, Coinbase has been in the pursuit to acquire FTX Europe to broaden its presence in the continent. It has been reported that Coinbase is currently in talks again, focusing on FTX’s derivatives business. Over the past year, Coinbase has obtained registrations in several European countries like Italy, Ireland and the Netherlands. With this news from Spain, it is becoming apparent that COIN is going all out for a European imprint.
The registration with the Bank of Spain will now allow Coinbase to offer its products and services to both retail and institutional users in the European country, compliant with the legal framework.
Coinbase’s expected earnings growth rate for the current year is 84.8%. The Zacks Consensus Estimate for its current-year earnings has improved 21.7% over the past 60 days. It currently carries a Zacks Rank #3 (Hold). However, with its European fortunes on the rise, so might the stock.
It will be interesting to watch a few peers of Coinbase and check out how they are pulling up compared to it.
CME Group Inc. (CME - Free Report) : This company operates as one of the world's largest futures exchanges that offers a wide range of derivatives contracts and provides various solutions to invest in cryptocurrencies.
CME Group’s expected earnings growth rate for the current year is 13.7%. The Zacks Consensus Estimate for its current-year earnings has improved 2% over the past 60 days. CME Group currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cboe Global Markets, Inc. (CBOE - Free Report) : This options exchange marketplace also engages in the business of digital currency. As a digital asset trader, it operates as an exchange and futures marketplace.
Cboe Global’s expected earnings growth rate for the current year is 5.1%. The Zacks Consensus Estimate for its current-year earnings has improved 1.3% over the past 60 days. SDIG also currently carries a Zacks Rank #3.
Bottom Line
Amid legal battles with authorities raging across geographies, crypto exchanges are having a tumultuous year. However, with small victories marking the gradual acceptance of crypto assets by major countries, it is becoming abundantly clear that digital currency is not going away. Coinbase seems to be expanding well in the Eurozone and stands clear of any competition in the region.
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2 Stocks to Compare as Coinbase (COIN) Builds Base in Europe
Coinbase Global, Inc. (COIN - Free Report) , the largest crypto-exchange in the United States in terms of trading volume, had a major win late last week when it bagged an Anti-Money Laundering compliance registration from the Bank of Spain. This makes Coinbase a registered crypto-exchange in the country. The company revealed the news in a Friday blog post.
Ever since FTX went bankrupt in November 2022, Coinbase has been in the pursuit to acquire FTX Europe to broaden its presence in the continent. It has been reported that Coinbase is currently in talks again, focusing on FTX’s derivatives business. Over the past year, Coinbase has obtained registrations in several European countries like Italy, Ireland and the Netherlands. With this news from Spain, it is becoming apparent that COIN is going all out for a European imprint.
The registration with the Bank of Spain will now allow Coinbase to offer its products and services to both retail and institutional users in the European country, compliant with the legal framework.
Coinbase’s expected earnings growth rate for the current year is 84.8%. The Zacks Consensus Estimate for its current-year earnings has improved 21.7% over the past 60 days. It currently carries a Zacks Rank #3 (Hold). However, with its European fortunes on the rise, so might the stock.
It will be interesting to watch a few peers of Coinbase and check out how they are pulling up compared to it.
CME Group Inc. (CME - Free Report) : This company operates as one of the world's largest futures exchanges that offers a wide range of derivatives contracts and provides various solutions to invest in cryptocurrencies.
CME Group’s expected earnings growth rate for the current year is 13.7%. The Zacks Consensus Estimate for its current-year earnings has improved 2% over the past 60 days. CME Group currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cboe Global Markets, Inc. (CBOE - Free Report) : This options exchange marketplace also engages in the business of digital currency. As a digital asset trader, it operates as an exchange and futures marketplace.
Cboe Global’s expected earnings growth rate for the current year is 5.1%. The Zacks Consensus Estimate for its current-year earnings has improved 1.3% over the past 60 days. SDIG also currently carries a Zacks Rank #3.
Bottom Line
Amid legal battles with authorities raging across geographies, crypto exchanges are having a tumultuous year. However, with small victories marking the gradual acceptance of crypto assets by major countries, it is becoming abundantly clear that digital currency is not going away. Coinbase seems to be expanding well in the Eurozone and stands clear of any competition in the region.