Coinbase (COIN) is more than just a crypto exchange, and momentum is continuing to build in its ancillary businesses, JMP Securities said in a research report Thursday.

“We still estimate material growth opportunities in the exchange business as the market matures, with rising prices generally correlating with activity,” analysts led by Devin Ryan wrote.

JMP notes that Coinbase’s daily spot trading volume in the first quarter is averaging about $3.3 billion, which has more than doubled from the fourth quarter last year. The newly launched derivatives platform is also “scaling at a tremendous pace.”

“Still, relative to the growth opportunity in the exchange and custody offerings, we see a just as exciting of an opportunity in the development of blockchain use cases today and expect Coinbase to participate in much of that continued evolution,” the authors wrote.

Those opportunities include participation in the tokenization of real-world assets, such as its recently announced partnership with Blackrock (BLK), activities in payments such as its venture with stablecoin issuer Circle and Web3 development and decentralized apps (dapps), as well as staking, the report said.

Coinbase can participate in much of the future growth and innovation in the sector by working with TradFi firms looking to become involved with digital assets rather than competing with them, the report added.

The broker continues to see spot bitcoin exchange-traded fund (ETF) adoption as a significant catalyst for the market, however, “ETF flows will not come on a smooth line, particularly with some transitory selling related to GBTC.”

It estimates that around $25 trillion of capital associated with traditional wealth management has not even entered the market yet en masse, but says it is optimistic about that opportunity.

JMP has a market outperform rating on Coinbase shares with a $300 price target. The stock closed at $262 on Thursday.

Read more: Ether Could Be a Meaningful Earnings Driver for Coinbase, JPMorgan Says