Nasdaq-listed cryptocurrency exchange Coinbase Global Inc. has been added to this year’s list of Fortune 500 companies. Not only this, but it’s also breaking the record as the first fully crypto native firm that made a list.
Fortune 500 companies are the most valuable firms in the United States. Their cumulative revenue measures this for the 2021 fiscal year. The revenue threshold for this year was placed at $6.4 billion, up 19% from last year. Overall, Coinbase made it to the list as the 437th-ranked company with a cumulative revenue of $7.839 billion. It’s a 513.7% growth from the year-ago period.
The addition of Coinbase to the list did not come as a surprise as the company benefitted immensely. The growth of the digital currency ecosystem last year at a time when the price of Bitcoin (BTC) soared to its all-time high of around $69,000. The company has also continued to expand and diversify its revenue streams. They are diversifying the bid to cushion whatever shocks the crypto ecosystem might pose.
At the moment, Coinbase has a series of products ranging from cloud infrastructure service through Bison Trails to custody and staking services, amongst others. Coinbase is also making active moves to upgrade its NFT marketplace. They are upgrading it to the Beta in a bid to open access to all of its users worldwide.
Coinbase to Keep the Status Quo Amidst Bearish Market
Coinbase Exchange has seen a negative deviation from its customer demand and share valuation. It is a move that models the bearish sentiment engulfing both the stock and crypto markets.
In a bid to maintain the status quo, Coinbase’s President and Chief Operating Officer, Emilie Choi, said the company would be putting a pause on its hiring spree, a measure industry analysts have tagged a viable cost-cutting measure.
With Coinbase’s business hinged on the dwindling crypto ecosystem, interest mounts to see whether the Brian Armstrong-led company will pull enough revenue weight to rank amongst Fortune 500 companies this time next year.
