Coinbase One Comes To Samsung Wallet In US, Expansion To Follow In Next Few Months

Coinbase (COIN) announced on Friday a new partnership with Samsung that will integrate Coinbase One into the Samsung Wallet app in the U.S.

COIN’s stock edged 0.5% higher at market open with retail sentiment on Stocktwits surging higher within ‘bullish’ territory amid ‘high’ levels of chatter over the past day. 

The company stated that the new partnership would provide more than 75 million Samsung Galaxy users with exclusive access to Coinbase One. The partnership will initially focus on the U.S. with plans to expand the effort globally and explore additional collaborative opportunities over the next few months.
Coinbase touted its platform as an “all-in-one” membership for crypto users, which offers zero trading fees, boosted staking rewards, priority support, exclusive partner deals, and account protection for lost funds restoration in the event of unauthorized third-party access.

Analysts at Rothschild & Co. also upgraded their outlook on Coinbase on Friday, according to a note to clients cited by TheFly. The firm raised its price target to $417 from $325 and upgraded Coinbase’s rating to ‘Buy’ from ‘Neutral’. This represents a potential upside of more than 10% from Coinbase’s current share price of around $374.

While Rothschild expects some compression in Coinbase’s take rate over time, it said strong retail volume growth should help offset this impact. The firm highlighted robust growth in Coinbase’s institutional trading business, citing increased adoption of crypto assets by institutional investors and the strength of the company’s derivatives capabilities.

Coinbase’s stock has gained more than 45% this year and nearly 130% over the last 12 months.

Read also: BNB Leads Altcoin Gains With New All-Time High As Bitcoin Tops $120K In ‘Uptober’ Rally

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