Taking a lead ahead of recent rumours indicating financial troubles, Coinbase has made it to the prestigious list of the Fortune 500 companies.
The crypto exchange has secured 437th position in the annual list compiled and published by Fortune magazine. That ranks 500 of the largest US firms by total revenue for their respective fiscal years. With this, Coinbase has historically become the first cryptocurrency-related company ever, to have featured on the list. That’s first started ranking companies back in the 1950s.
In its updated list, Fortune showed Coinbase’s revenue as $7,839 million and market value as of March as $41,670. Apart from this, Coinbase made the cut to the Fortune 500 list after registering a 513 percent increase in revenue year over year. And it is a significant 1,024 percent surge in profits.
On the other hand, “Just before its direct listing, analysts were predicting that the company could debut with a $100 billion valuation. But it closed its first day of trading with a $61 billion valuation. Just edging out DoorDash for the seventh-highest market cap among US companies after their first day of trading,” a report by Fortune said.
In contrary, This recognition of the US’ biggest crypto exchange seems to have triggered a fresh beam of glee for members of the crypto community after days of market turmoil. Earlier this month, the crypto exchange found itself in the limelight after it reported a 44 percent loss in trading values.
In the first quarter of 2021, the crypto exchange said its trading volume generated $309 billion. The figure is significantly lesser than the trading volume of $547 billion that Coinbase had reported in the fourth quarter of 2021. The company has said that it has slowed down hiring for the time being.
Recently, Coinbase also made it to the headlines after it said in a government filing. That users could lose direct claims to the crypto assets they hold on Coinbase, in the event of a bankruptcy. This SEC filing from Coinbase added financial trouble rumours for the company. It also became the first entity to receive a Bitcoin-backed loan from Goldman Sachs recently. The company is expanding its services portfolio for the crypto community.
On May 17, Coinbase launched a new wallet and browser feature dedicated to decentralized apps, within its own platform. Coinbase is looking to drive in more people to experiment with the Web3 space with these apps. Coinbase users will be able to visit NFT marketplaces and decentralized autonomous organizations via the familiar Coinbase app itself.
