Crypto-exchange Coinbase Global (COIN) has stepped up its push into decentralized finance (DeFi) by acquiring the leadership team of Opyn Markets in a talent-only deal. This move is part of Coinbase’s belief that the future of financial markets will be built onchain, which is a system that operates directly on blockchain technology. By integrating more onchain infrastructure into its business, Coinbase plans to make markets faster, more transparent, and more accessible to everyone, from everyday traders to institutions.
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It is worth noting that Opyn’s team has a lot of experience. Indeed, they launched the first decentralized options protocol and created innovations like Power Perpetuals and Squeeth. As a result, Coinbase believes that the team is a good fit for the company due to its deep understanding of both blockchain technology and traditional market structures.
Coinbase now plans to speed up the development of features like Verified Pools, which is an onchain liquidity product that is designed to serve both retail and institutional users. In addition, the firm is working to move more of its exchange operations onchain.
Is COIN a Good Stock to Buy Now?
Turning to Wall Street, COIN stock has a Moderate Buy consensus rating based on 14 Buys and 11 Holds. Furthermore, the average Coinbase price target of $307.93 implies 20.7% downside risk from current levels.
