Tuesday, October 4, 2022

Coinbase Breaks New Ground on Making this Year’s Fortune 500 List

Coinbase has broken new ground, becoming the first cryptocurrency company to make the Fortune 500 list. According to the Fortune report, the crypto firm ranks number 437 on the list, deserving the ranking with a revenue of $7.8 billion in 2021.

One would wonder how Coinbase could have made the list amidst the heavy downturn in the crypto market. However, the reason is not far-fetched. By the laid down criteria to enter the Fortune 500 list, the company’s financial revenue in the previous year is taken into account. Hence, whatever revenue the companies presently hold simply doesn’t matter. 

The Fortune 500 list, sponsored by the business magazine named Fortune is a list that records the United States companies that have recorded hundreds of billions in revenue in the previous year.

The benchmark for making the list this year is $6.4 billion, however, as earlier said, Coinbase made the list with a total of $7.8 billion.

Coinbase has seen a remarkable decline in its stock price recently, owing to the heavy crash that has hit the crypto ecosystem. As a result of the imminent price volatility of crypto assets that have affected the market, the stock of the crypto exchange now sells at roughly $62.56 per unit at the time of writing.

Last week, CryptoMarketsBeat reported that the American-based crypto exchange will be tapering its hiring plans, just to cut back the expenses that the firm is incurring in this period of a huge market downturn.

Furthermore, Mizuho Securities, a Japanese investment firm has estimated that the revenue of Coinbase may hit a low of $5.6 billion at the end of 2022, shedding off the sum of $1.1 billion from its initial revenue of $6.7 billion in 2021.

These projections put the cryptocurrency exchange at risk of making the Fortune 500 list for the year 2022 should this prediction come through. While these are mere projections, the firm could also miraculously have a remarkable turnaround before the close of the year.

Walmart maintained its position on the Fortune 500 list as number one, a ranking that it has maintained for a decade.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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