Banking giant JPMorgan disclosed in a filing with the US Securities and Exchange Commission (SEC) that it owns 62,589 shares of Coinbase as of June 30.

As of writing, the shares of COIN are trading at $258.24, down from its all-time high of $429.54 hit briefly on its trading debut on Nasdaq in mid-April.

This week, John Todaro, vice president at Needham & Co., a cryptocurrency and blockchain research company, also started covering Coinbase, giving it a ‘Buy” rating with a target price of $420.

San Francisco-based Coinbase is a market-leading crypto exchange with “significant future opportunities beyond exchange service, which include staking, custody, yield-bearing products, and more,” Todaro wrote in a note.

According to the analyst, these services will further accelerate its position as a one-stop shop for crypto financial services while noting that concerns around their fees meanwhile are misplaced.

The research firm projects Coinbase, “the largest crypto exchange by trading volume,” to have a 467% increase in 2021 revenue but only a mere 9% in the next year.

“We view COIN as the leading, fiat-crypto on-ramp and expect the company's exchange business to grow rapidly and sustainably as new investors adopt its crypto assets and services,” Todaro added.

In other news, another bank, Pennsylvania-based Customer Bank, which has $19.6 billion in assets, has joined the small list of FDIC-insured institutions in the US to offer crypto firms basic accounts.

The bank believes it is “well-positioned” to be the third banking option after Signature Bank and Silvergate Bank to offer a “strong offering” to the crypto asset space. Their main focus right now is to build a low-cost deposit franchise similar to these banks.

Moreover, about two dozen clients will begin testing the bank’s blockchain payments platform through Tassat next month before the service is offered for the rest of the crypto industry in October.

The Tassat Pay Network works much like JPMorgan’s JPM Coin, tokenizing the USD deposits and moving them between digital wallets on its platform.

“Customers continue to try to find ways to be involved, engaged, and interested in the cryptocurrency world,” said Sam Sidhu, Customers Bank’s vice chair and COO. “Some banks might offer rewards or custody services to consumers. We are focused on the businesses that may directly or indirectly service those customers.”

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