Coinbase has become the first crypto company to enter Fortune 500, a list ranking the 500 top US companies by revenue.
The San Francisco-based exchange ranked 437th on the list thanks to a record of US$7.8 billion in revenue for the 2021 fiscal year, which represents 514 percent annual growth:
Coinbase ‘Thrived’ Despite Covid
Fortune’s editor-in-chief Alyson Shontell noted that Coinbase and Moderna were among the few companies that “thrived under the freakish circumstances of Covid”.
However, Coinbase’s Q1 financial results for 2022 weren’t so encouraging. According to a shareholder letter, the exchange suffered a US$430 million loss.
In April last year, Coinbase registered as a publicly traded company on the Nasdaq offering the COIN stock, which has since plummeted more than 80 percent from its all-time high of US$368.90 in November 2021:
CEO Remains Upbeat
CEO Brian Armstrong is nonetheless optimistic, believing that bearish market periods provide the company with opportunities to focus on product development:
These periods of low volatility can provide the opportunity to focus more intently on product development (as opposed to peak periods, when we are more focused on meeting high demand). We approach the opportunities ahead with confidence and [a] steady hand.
Brian Armstrong, CEO, Coinbase
A month ago, Coinbase launched its own NFT marketplace that features social tools to help connect users and creators in what it describes as a sort of “Web3 social marketplace”.
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