M&A News: Coinbase (COIN) Acquires Opyn Markets' Leadership Team in a Talent-Only Deal
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It is worth noting that Opyn's team brings valuable experience to the table. Indeed, they were early pioneers in DeFi who launched the first decentralized options protocol and created innovations like Power Perpetuals and Squeeth. As a result of their deep understanding of both blockchain technology and traditional market structures, they are a strong fit for Coinbase's vision. With this new talent onboard, Coinbase plans to speed up the development of features like Verified Pools, which is an onchain liquidity product designed to serve both retail and institutional users.
While Coinbase is already a trusted name in centralized crypto trading, the company sees this acquisition as part of a much larger mission. Rather than treating its current success as the final goal, Coinbase is working to transition more of its exchange operations onchain. The addition of Opyn's leadership team is just another step in building the kind of financial system Coinbase believes is part of the future.
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.
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