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By Sam Boughedda — On Friday, JPMorgan (NYSE:) analyst Kenneth Worthington gave bullish commentary on the cryptocurrency industry and crypto exchange Coinbase Global Inc (NASDAQ:).

The analyst, who maintained a buy rating and $447 price target on Coinbase shares, told investors in a research note that he sees crypto becoming “increasingly relevant to financial services” this year.

“The applications from crypto have only just begun,” the analyst said.

Despite the bullish view, shares of Coinbase fell 2% on Friday, as fell nearly 4%. 

The longer-term outlook is bright, however. “As financial analysts, we are most excited about the implications for financial services and see the tokenization and fractionalization as holding particularly large promise as transactions speeds in crypto become more competitive with trad-fi networks,” the analyst wrote.

He also believes the use cases for the crypto markets will continue to grow and expects new projects with more use cases will surface. 

Worthington picked out Coinbase as a company to buy, explaining that he sees the crypto exchange as a leading player.

“With these projects attached to tokens and Coinbase a leading exchange to buy and sell tokens, we see Coinbase as a leading direct beneficiary of cryptomarket growth,” he added.

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