Coinbase happens to be one of the largest cryptocurrency exchanges in the world. The trading of cryptocurrencies from different parts of the world is done in coinbase. Coinbase has a very strong base among the investors for consistently giving stable results over a long period of time. Lets look at a tweet…
Coinbase has made history after becoming the first crypto firm to make the Fortune 500 list of US companies with the largest revenue. 🧵👇🏼 pic.twitter.com/ed95Dl33Bn
In the recent survey conducted by Fortune, Coinbase came at 437th position as one of the top companies with highest revenue. This was no surprise because of the demand for cryptocurrency in today’s generation. Tech-savvy, metaverse and all the related concepts resonate deeply with today’s generation which calls itself as Gen Z.
How did Coinbase enter fortune? What are the parameters set by Fortune? Lets find out!
Fortune ranked Coinbase at 437th position in the list. Coinbase became the first crypto company in the history to enter the prestigious Fortune 500 list. The threshold set up by Fortune 500 was at $6.4 billion and coinbase had a revenue of $7.8 billion at the year end of 2021. Hence, even the bearish market, where all the crypto exchanges lost billions of money did not impact coinbase’s position in Fortune 500. Basically the ranking of the companies in the list was done according to the revenues earned in 2021.
How did crypto market crash destroy the chances of coinbase to enter the list for 2023?
Picture Credits: CNBC
Since the bearish phenomenon has started hunting the market, billions of dollars from the market have drown in the ocean. Coinbase is no exception. The company’s net posting in the first quarter was at around $1.16 billion with a net loss of $430 million. Since the crypto prices have plunged in the last six months, trading volume has dropped across all the crypto exchanges. Amidst all the havoc, the stocks of coinbase also got hit and was reduced to $60 which was their second lowest value of all time.
Coinbase’s president’s assurance.
Coinbase’s president, Emilie Choi, recently made a statement that, the company will slow hiring in response to turbulent market conditions. Choi also assured that coin base was in a good position amidst the crypto crash and has a solid balance sheet. She added on that coinbase has seen several ups and downs in its experience and has always come out as a winner from the dark.
Writer’s report.
It is true that 2021, was ruled by the crypto market and crypto exchanges and people working in these exchanges got benefitted the most. It will be interesting to observe if the exchanges are able to get up from the crypto market implosion and resurrect as a strong body and regain the trust of investors in the market.
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