Coinbase Exchange Leaps as Fortune 500 Company
Nasdaq-listed cryptocurrency exchange, Coinbase Global Inc has been added to this year’s list of Fortune 500 companies, making it break the record as the first fully crypto native firm that made the list.
Fortune 500 companies are the most valuable firms in the United States as measured by their cumulative revenue for the 2021 fiscal year. The revenue threshold for this year was placed at $6.4 billion, up 19% from last year. Overall, Coinbase made it to the list as the 437th-ranked company with a cumulative revenue of $7.839 billion, a 513.7% growth from the year-ago period.
The addition of Coinbase to the list did not come as a surprise as the company benefitted immensely from the growth of the digital currency ecosystem last year at a time when the price of Bitcoin (BTC) soared to its all-time high of around $69,000. The company has also continued to expand and diversify its revenue streams in a bid to cushion whatever shocks the crypto ecosystem might pose.
At the moment, Coinbase has a series of products ranging from cloud infrastructure service through Bison Trails, to custody, and staking services amongst others. Coinbase is also making active moves to upgrade its NFT marketplace from the Beta in a bid to open access to all of its users worldwide.
Coinbase to Keep the Status Quo Amidst Bearish Market
Coinbase Exchange has seen a negative deviation from its customer demand and share valuation, a move that models the bearish sentiment engulfing both the stock and crypto markets respectively.
In a bid to maintain the status quo, Coinbase’s President and Chief Operating Officer, Emilie Choi said the company will be putting a pause on its hiring spree, a measure industry analysts have tagged a viable cost-cutting measure.
“To ensure we’re best positioned to succeed during and after the current market downturn, we’re announcing we’re slowing hiring so we can reprioritize our hiring needs against our highest-priority business goals,” Emilie wrote in a blog post shared last week as reported by Blockchain.News.
With Coinbase’s business hinged on the dwindling crypto ecosystem, interest mounts to see whether the Brian Armstrong-led company will pull enough revenue weight to rank amongst Fortune 500 companies this time next year.
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Coinbase to Taper Down its Hiring Plans amidst Unfavorable Market