Coinbase, the largest U.S. cryptocurrency exchange, has become the first crypto-focused company to be included in the Fortune 500.
The exchange pulled in $7.8 billion in revenue for the 2021 fiscal year, ranking 437th on the list, which was announced on Monday. But when ranked by revenue growth, Coinbase, at nearly 514%, trailed only Moderna (almost 2,200%) among top 500 firms. The bulk of Coinbase’s revenue is from trading fees.
Coinbase also capitalized on the rising popularity of cryptocurrencies. Before the total crypto market cap peaked above $3 trillion in November, Coinbase marketed itself everywhere from the NBA to the world of esports as a go-to destination for investing in digital assets.
As of now, Bitcoin is at its lowest price since Coinbase (COIN) went public in April 2021, and the company is feeling the brunt of it. Shares are down over 80% since November’s market high, while Q1 revenue registered less than half the previous quarter’s sum. Monthly transacting users also fell by over 2 million during that time.
“Volatility is painful, and can be scary,” wrote Coinbase Chief Marketing Officer Kate Rouche in a blog post that same day. “That said, volatility is also natural for emerging technological breakthroughs like crypto.”
Copy article link
Want to be a crypto expert? Get the best of Decrypt straight to your inbox.
Get the biggest crypto news stories + weekly roundups and more!
Cryptocurrency news, blockchain news, markets news, cryptocurrency analysis, cryptocurrencies prices.