Core Viewpoint - Deutsche Bank initiated coverage of Coinbase Global Inc. with a Buy rating and a price target of $340, highlighting the company's expanding role in the on-chain financial ecosystem [1] Group 1: Market Position and Strategy - Coinbase is positioned to leverage its established market presence into a broader "everything exchange" platform, which is expected to significantly expand its addressable markets across retail and institutional clients [2] - This strategy aims to diversify revenue streams and reduce reliance on pricing from retail crypto trading [2] Group 2: Industry Trends and Financial Outlook - The convergence of traditional finance and decentralized finance, along with increasing individual adoption of on-chain platforms, are identified as long-term tailwinds for the industry [3] - Although 2025 is expected to be a heavy investment year with core expenses projected to grow over 20% and adjusted EBITDA declining over 10%, Deutsche Bank believes the most intensive phase of investment has passed [3] Group 3: Growth Potential and Revenue Expectations - With numerous product and service developments announced, Coinbase is expected to be better positioned to scale operations in 2026 and beyond [4] - In favorable crypto market conditions, revenue growth is anticipated to outpace expense growth, leading to at least modest EBITDA margin expansion [4] - Key growth areas include the Base App, institutional crypto services, enhanced on-chain retail banking, prediction markets, and expanded trading capabilities [4]

Industry Convergence - Traditional finance and crypto are converging rapidly [1] - zkSync is at the forefront of this convergence [1]

Stablecoins and Traditional Finance - Stablecoins and traditional finance are converging [1] - Self-custody is central to the future of this convergence [1] Company Focus - General Counsel Shehram Khattak discussed the convergence at @BlLife_Forum [1]

Industry Outlook - Private credit is expected to collaborate with traditional finance [1] - Citigroup CEO Jane Fraser expressed this hope at the FII forum in Riyadh [1]

Adoption & Convergence - Major players in both crypto and traditional finance are converging on the Sei blockchain [1] - The convergence indicates a growing interest and adoption of Sei within the broader financial landscape [1] Key Participants - Notable entities choosing Sei include Chainlink, Morpho, Ondo, KAIO, Agora, Circle, Tether, PayPal, LayerZero, Securitize, and MetaMask [1] - The diverse range of participants suggests Sei's versatility and appeal across different sectors [1]

Industry Events - Chainlink 联合创始人 Sergey Nazarov 在联邦储备委员会的支付创新会议上发表了关于连接传统金融与数字资产生态系统的演讲 [1]

Market Outlook - The upcoming FOMC meeting is anticipated to be historically significant for both crypto and traditional finance sectors [1]

Project Overview - WLFI 从 USD1 稳定币项目发展到与战略性上市公司整合 [1] Ecosystem Expansion - 扩展 USD1 稳定币生态系统 [1] Tokenomics - 代币经济学旨在实现可持续增长 [1] Strategic Initiatives - 将 Web3 与传统金融联系起来的战略举措 [1]

DeFi Future - The report explores sentiment regarding the future of DeFi [1] - The report questions whether DeFi will replace traditional finance [1]

Industry Trends - Stablecoins, tokenization, and innovative payment solutions are fundamentally evolving the roles played by both traditional and decentralized finance [1] Participants - @SteimetzKinji is discussing stablecoins and innovative payment solutions on Nasdaq TradeTalks [1] - @OffchainLabs, @MessariCrypto, @hedera, and Dr Merav Ozair are participating in the Nasdaq TradeTalks [1]