Putting the rumors of financial crisis behind, Coinbase has made it to the list of Fortune 500 companies. The crypto exchange has been ranked 437 in this list. This list has been published by Fortune Magazine. The magazine publishes the list of the 500 largest companies in America based on revenue for each fiscal year. With this, Coinbase has become the first cryptocurrency-related company to make it to the list. This system of ranking companies was started in 1950.
In the updated list, Fortune shows Coinbase’s revenue of $7,839 million (approximately Rs 60,728 crore) and a market value of $41,670 (approximately Rs 1,64,808 crore) as of March. The crypto firm which featured in the Fortune 500 list has seen a 513 percent increase in year-over-year revenue and a 1024 percent increase in profits.
A Fortune report said that prior to the direct listing, analysts were estimating that the company would debut with $100 billion (approximately Rs 7,74,805 crore). But it closed its first day trade with a price of $61 billion (about Rs 4,72,631 crore). In the first day of trading, the company emerged as the 7th largest US company by market cap.
Even though there is a recession going on in the cryptocurrency market at the moment, but after this achievement, America’s largest crypto exchange can also attract large members of the crypto community. Earlier this month, the company came into limelight when it said that the company has suffered a loss of 44 per cent in trading value.
In the first quarter of 2021, the crypto exchange said that it generated a trading volume of $309 billion (about Rs 23,86,484 crore). This figure is apparently lower than the trading volume generated in the last quarter of 2021, when the company generated trading volume of $547 billion (approximately Rs 42,23,250 crore).
Talking about the expansion of cryptocurrency-related services, Coinbase launched a new wallet and browser feature for decentralized apps (dApps) on its platform on May 17th.