Coinbase becomes the first crypto company in the Fortune 500 list, ranking second overall in revenue growth with 514% and trailing only behind Moderna so let’s read more today in our latest Coinbase news.
Coinbase is the biggest US crypto exchange which became the first crypto-based company to be included in the Fortune 500. the exchange got up to $7.8 billion in revenue for the 2021 fiscal year and ranked 437th on the list announced on Monday. When ranked by revenue growth, Coinbase hit 514% and trailed only behind Moderna. The bulk of Coinbase’s revenue is from the trading fees. Coinbase becomes the first crypto company on the Fortune 500 list and both Moderna and the exchnage were among the companies which thrived under the harsh circumstances of COVId, according to the editor-in-chief of Fortune, Alyson Shontell.
Coinbase also made gains on the rising popularity of crypto. Before the total market cap peaked above $3 trillion, Coinbase marketed itself from the NBA to the world of esports as the main destination for investing in digital assets. As of now, BTC is at its lowest price since Coinbase went public in 2021 and the company felt the brunt of it. The shares are down by 80% since November’s market high while the Q1 revenue registered less than half of the quarter’s sum. The monthly transacting users fell by over 2 million during the time.
By showing disappointing results from the first quarter were not unique to coinbase. BLock’s Q1 BTC purchase revenue dropped by 51% year over year and by about $200 million from the last quarter. Coinbase is not showing worry however while the Chief Marketing Officer Kate Rouche added:
“Volatility is painful, and can be scary. That said, volatility is also natural for emerging technological breakthroughs like crypto.”
As recently reported, America’s biggest exchange will offer new tokens in the swap feature after it added the BNB Chain and Avalanche to the Coinbase wallet to the list of supported networks where the users can swap and even store cryptos. The blog post from the exchange boasted the added functionality and will provide access to thousands of tokens that constitute a bigger variety than most traditional centralized exchanges are able to offer.
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