Cryptocurrency exchange Coinbase Global (COIN) has launched what it calls an “everything app” designed to bring more people into the crypto sphere.
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The “Base App,” as it is being called, replaces the Coinbase Wallet and combines wallet, trading, and payment functions as well as social media, messaging, and support for mini-apps. Coinbase says the new app runs on the company’s public blockchain network called “Base,” which is built on the Ethereum (ETH) ledger.
The crypto exchange is the first U.S.-based company to launch what are known as super apps. Popular versions of super apps, such as Alipay, already exist in China. Typically, these everything apps bundle several different services and functionalities into a single mobile app. They have long been viewed as the ultimate goal of financial technology companies and mega-cap tech concerns.
Reaching Consumers
Meta Platforms (META) has attempted to integrate payments, messaging, and social content into a single app, and Elon Musk has mused about creating a super app for social media platform X. However, Coinbase Global appears to be the first U.S. company to launch such an app for consumer use.
In a news release, Coinbase said that it is aiming to reach consumers who aren’t necessarily interested in trading cryptocurrencies, which remains the company’s core business. The new super app arrives as the crypto industry embraces a boom in product launches thanks to the pro-crypto policies of U.S. President Donald Trump, who is himself invested in digital assets. COIN stock is up 64% this year.
Is COIN Stock a Buy?
The stock of Coinbase Global has a consensus Moderate Buy rating among 25 Wall Street analysts. That rating is based on 13 Buy, 11 Hold, and one Sell recommendations issued in the last three months. The average COIN price target of $319.01 implies 21.62% downside from current levels.
