BackCoinbase becomes first Crypto company to enter Fortune 500 list
Coinbase has become first crypto firm to enter the prestigious Fortune 500 list.
PremiumCoinbase has become the first crypto firm to enter the prestigious Fortune 500 list. After posting revenue of over $7.8 billion ( ₹60,728 cr) in fiscal 2021 it has grabbed the 437th position in the recently released list.
Despite the recent downside amidst a widespread crypto crash, Nasdaq-listed Coinbase's market value surged to $41,670 in March 2022 and recorded a 513% growth in its year-on-year revenue with profits shooting up by 1024%.
The exchange was singled out by Fortune editor-in-chief Alyson Shontell as one of "several pandemic winners" that "thrived under the freakish circumstances of COVID" and flourished thereafter.
Tumultuous market conditions have heavily affected Coinbase, as traders have slowed down their activity. Its trading volume has fallen short of analysts' expectations with a downfall of about 39% from the $547 billion, the company recorded in the fourth quarter of 2021. This was when crypto prices were at all-time highs. Bitcoin, comprising 44% of its business is trading below $30,000, on the back of the worst crash witnessed by the crypto market, estimated at $1 trillion.
Retail giant Walmart topped the ranking for the 10th straight year, with revenue of around $573 billion, followed by Amazon and Apple, with figures of almost $470 billion and $365 billion, respectively.
The Fortune 500 represents two-thirds of U.S. gross domestic product, with revenue totalling $16.1 trillion.
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