The Crypto Exchange Coinbase is Now In the List of Fortune 500

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Fortune has been generating and publishing the list of top revenue-generating companies since 1955. And the Walmart US retailer is on the top position for the last ten consecutive years. 

Same like before the Fortune had ranked companies for its 2022 list, based on their performance over 2021 revenue. 

During this painful duration of the crypto market, Fortune made a Happy note for Coinbase, as an Exchange operator crypto company has become the first crypto company to make the Fortune 500 cut – an annual list of America’s largest corporations by revenue ranking at 437.

Despite Coinbase’s current struggles produced by the bearish market conditions. The Fortune Media announced the 2022 revenue threshold for Fortune 500 list was %6.4 billion, up 19% from last year’s limit, and the coinbase had $7.8billion revenue threshold last year. 

Coinbase’s net revenue for the first quarter of this year is $1.16 billion and a net loss of $430 million, which is not as good as last year’s fourth-quarter revenue of $2.49 billion. Due to the plunge over the crypto market in the last six months, the trading volume has also come down across exchanges. 

The president and Chief operating officer of coinbase, Emilie Choi, has said that the company will slow down its hiring in response to these explosive market conditions. According to Barron’s report, Mizuho Securities have lowered its estimates for Coinbase’s revenue of 2022 to $5.6 billion from $6.7 billion affected by “crypto winter”.

In effect to the Crypto winter the Coinbase’s shares are trading at the lowest of $66, and they fell even low in this month to $40, which is down by 88% from their debut at over $328. 

Choi also added :

“Heading into this year, we planned to triple the size of the company. Given current market conditions, we feel it’s prudent to slow hiring and reassess our headcount needs against our highest-priority business goals.” 

She Further continues her words by reassuring that coinbase is “in a strong position” and has a “solid balance sheet”. Coinbase has always proven its strength back after coming back for every downfall. It has come up even more strongly after experiencing the downturn. Thus, it would be interesting to know whether it makes the cut for Fortune’s 2023 list.