It’s official. Coinbase is the first company in the crypto space to break into the Fortune 500 list. And the exchange wasn’t on the tail-end either – it is currently listed as second in revenue growth at 514%, next to Moderna.
Every company is anxious to get into the A-list, and Coinbase made it happen. This is a historical breakthrough for the company, dubbed as the largest cryptocurrency exchange platform in the United States, which also happened to be the first crypto firm to join the roster of Fortune’s most prestigious companies.
The company’s 2021 revenue was $7.8 billion, which is just a little above the minimum standard of $6.4 billion that is required for any company to be part of the “elite” Fortune 500 circle.
The 2022 Fortune 500 list only tracks the company’s financial performance in 2021.
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Coinbase Second To Moderna In Revenue Growth
The majority of Coinbase revenue comes from trading fees. In an announcement made on Monday, the exchange yielded a $7.8 billion profit for 2021 and ranked 437th on the Fortune 500 list.
However, it ranked second to Moderna with 2,200% in terms of revenue growth.
Moderna and Coinbase are two companies that have pivoted and thrived under the most challenging circumstances brought about by the COVID pandemic.
Coinbase CEO Brian Armstrong (Fortune).
The U..S crypto exchange has invested heavily in marketing and leveraged the popularity of crypto from e-sports to the NBA, creating more awareness and engagement about cryptocurrencies.
Bitcoin may be at its lowest now as shares were reportedly down by 80% since its all-time high in November 2021. Monthly transactions also dipped by 2 million.
With the current crypto market experiencing its lowest lows, the U.S. crypto exchange isn’t worried after all. The company taunts those who cuss that the crypto industry is long dead.
According to Kate Rouche, Chief Marketing Officer of Coinbase, “volatility is painful and can be scary; that said, volatility is also natural for emerging technological breakthroughs like crypto.”
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Crypto total market cap at $1.25 trillion on the daily chart | Source: TradingView.com
Closing 2021 With Full Impact
It’s not a secret that Coinbase and other crypto companies are going through a rough patch with the seismic crypto crash. Meeting investor and analyst expectations can be a considerable challenge, but the U.S. crypto exchange has had an impactful 2021, which helped usher it into the Fortune 500 list.
Coinbase generated a lot of attention when it went public in 2021, just less than a decade following its launch.
Before the direct listing, many analysts put their cards that it could quickly debut with over $100 billion worth of valuation. Coinbase closed a roughly $61 billion valuation on its first day.
Although the exchange focuses on crypto trading, Coinbase has been trying to recalibrate and branch out, including launching its own NFT marketplace in May, which currently has over 2,900 active users.
Featured image from Watcher Guru, chart from TradingView.com