New for subscribers: Buy Coinbase on the dip for a long-term opportunity on the crypto economy, Canaccord says. Check out CNBCPro today.
Coinbase's revenue is largely driven by trading fees, 81% of which come from retail trading and 5% from institutional trading, according to Canaccord. It has the highest trading fees across crypto exchanges, the bank found.
Still, Canaccord said it's confident Coinbase's business will ultimately expand beyond retail trading and into emerging opportunities for the blockchain – which could include supporting new protocols beyond bitcoin and Ethereum, decentralized finance and cloud solutions – and that crypto exchange will be a "super on-ramp" into that new world.
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