Analysts see big upside for Coinbase: 'Fast becoming the AWS of Crypto financial infrastructure'

The latest results from Coinbase got only a slight boost from the firm's partnerships with big banks, but it's that unit that has Wall Street so optimistic on the crypto platform for the long term. The company's stock rose 9% on Friday, just one day after Coinbase posted revenue of $1.87 billion for the third quarter, topping analysts' estimates of $1.8 billion, per FactSet data. The cryptocurrency exchange's topline grew as it partnered with financial giants like J.P. Morgan and PNC — an emerging focal point of its corporate strategy. Coinbase is "fast becoming the AWS of Crypto financial infrastructure as big banks such as JPM, Citi, PNC choose Coinbase as their Crypto partner," Bernstein analyst Gautam Chhugani said Friday in a note to clients, referring to Amazon's juggernaut cloud uni