After a 513 percent growth in revenue and a 1,024 percent increase in earnings, Coinbase was named to the Fortune 500 list.
Coinbase has made it to the renowned list of Fortune 500 companies, leapfrogging recent rumours of financial difficulties.
The crypto exchange ranked 437th in Fortune magazine’s annual ranking of the 500 largest US companies by total revenue for their respective fiscal years.
Coinbase has now become the first cryptocurrency-related company to appear on the list, which began ranking corporations in the 1950s.
Coinbase’s revenue was $7,839 million (approximately Rs. 60,728 crore) in March, according to Fortune’s latest list, and its market value was $41,670. (roughly Rs. 1,64,808 crore).
Coinbase made the Fortune 500 list following a 513 percent growth in revenue and a massive 1,024 percent increase in earnings year over year.
“Analysts predicted the company would debut with a $100 billion (approximately Rs. 7,74,805 crore) valuation just before its direct listing.
“However, it completed its first day of trading with a valuation of $61 billion (approximately Rs. 4,72,631 crore), just edging out DoorDash for the sixth largest market cap among US companies following their first day of trading,” Fortune reported.
After days of market turbulence, this accolade for the United States’ largest crypto exchange appears to have ignited a new wave of joy among crypto enthusiasts.
The cryptocurrency exchange made headlines earlier this month after reporting a 44 percent drop in trade volumes.
The crypto exchange reported $309 billion in trade volume in the first quarter of 2021. (roughly Rs. 23,86,484 crore).
The amount is much smaller than the $547 billion (approximately Rs. 42,23,250 crore) in trade volume reported by Coinbase in the fourth quarter of 2021.
For the time being, the corporation has stated that hiring has stalled.
Coinbase recently made headlines after it indicated in a federal filing that in the case of bankruptcy, users could lose direct claims to the crypto assets they possess on the platform.
Coinbase’s SEC filing fuelled speculation about the company’s financial woes.
It was also the first company to secure a Bitcoin-backed loan from Goldman Sachs.
The company is growing its cryptocurrency services range.
Coinbase released a new wallet and browser capability for decentralised apps (dApps) on its platform in May 2017.
With these apps, Coinbase hopes to encourage more individuals to try out the Web3 environment.
Users of the Coinbase app will be able to visit NFT marketplaces and decentralised autonomous organisations (DAOs) directly.
