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.

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As revealed in a press conference, Coinbase said the Beta version is only available to selected users. These selected users are the ones that were picked based on their number. These numbers are on the basis of the waitlist that was opened for registration last year.

Moreover, the Coinbase NFT marketplace is launching with only Ethereum-based collections such as Doodles, Azuki, World of Women (WoW), and Where My Vans Go. No fees will be applicable for a limited time. According to Coinbase, the trading is single-digit and competes with industry standards.

Growth Strategies for the NFT Marketplace By Coinbase

Coinbase is releasing its NFT marketplace, fully realizing that this space has dominant players. These players include OpenSea, Rarible, and LooksRare, amongst others. 

Based on this knowledge, Coinbase has built its marketplace to serve much more than just a zone for digital arts and collectables trading. They are building a hub for the crypto community.

“We’re building a marketplace where you can buy and sell NFTs, but more importantly, you can engage,” said Sanchan Saxena, Coinbase Exchange’s VP of Product. “You can engage with the creator. You can engage with the collector. And you can engage with fellow collectors from a community around that NFT. This is an important piece of our strategy.”

Moreover, in a bid to reduce the gas fee incurred by users, Coinbase said it has partnered with 0x Protocol. They want to explore every option to make its new marketplace attractive. Also, they want to make the market appealing to the broad user base right from the start.

The growth in the adoption of NFTs has made top trading platforms like Binance, FTX, OKCoin and others reputable platforms.

In addition, with Coinbase investors’ support, the outfit is fixated on building a competitive outfit. It will be as simple as its main crypto trading platform.

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Coinbase is the second-largest cryptocurrency exchange on CoinMarketCap.com and the largest US-based crypto exchange. The company was supposed to go public via direct listing on the Nasdaq stock exchange this month and received a valuation of about $68 billion last week. However, according to Bloomberg, the listing was moved to April.  

The cryptocurrency exchange also announced yesterday three new listings on Coinbase Pro. It will list Ankr (ANKR), Curve DAO Token (CRV), and Storj (STORJ), which will become available for trading from Thursday, March 25, at 9 a.m. (PT), once liquidity conditions are met.

Bitcoin is the world’s largest cryptocurrency, with a market cap of over $1 trillion. It reached an all-time high of $61,683.86 on March 13, per CoinMarketCap.com data, but lost some of its gains since then. It is trading at around $56,360 at the time of writing.

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The announcement of a listing on one of the largest cryptocurrency exchanges can have an impact on the price of the asset. For instance, when Coinbase Pro announced a listing of MATIC last week, the coin gained 35% following the news.  

Cardano (ADA) has also posted gains this week. The token has seen an increase in price by about 6.5% over the past 7 days. Moreover, it increased by about 20% over the past 24 hours, as per CoinMarketCap.com data. ADA is currently the third-largest cryptocurrency on CoinMarketCap.com and is trading at around $1.24 at the time of writing.

In other news related to Cardano, a digital healthcare platform Ask the Doctor is planning to switch their Ethereum ERC-20 token AskToken to the Cardano network. AskToken is a utility token on the healthcare platform, which users can earn and pay for healthcare services with.

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MATIC gained about 30% in the past 7 days. However, it lost about 10% in the past 24 hours, per CoinMarketCap.com data. It is trading at around $0.29 at the time of writing.

SKL price gained over 97% in the past 7 days. However, it lost around 9% in the past 24 hours, per CoinMarketCap.com data. It is trading at around $0.556 at the time of writing.

SUSHI price has dropped by about 1% in the past 7 days and by about 5.7% in the past 24 hours, per CoinMarketCap.com data. It is trading at around $17.67 at the time of writing.  

In other recent Coinbase news, Bloomberg reported this week that the cryptocurrency exchange received a valuation of $90 billion on a private auction based on the price of $350 per share. Coinbase will go public via direct listing later in March.

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