Coinbase, the largest US cryptocurrency exchange, has become the first crypto-focused company to join 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 around 514%, is only behind Moderna (about 2,200%) among the top 500 firms. The bulk of Coinbase’s revenue comes from trading fees.
Coinbase and Moderna are both among companies that have “thrived under the dire circumstances of Covid.” noted Fortune’s editor-in-chief, Alison Schontel.
Coinbase also took advantage of the growing popularity of cryptocurrencies. Before Total Crypto Market Cap sharp Up from $3 Trillion in November, Coinbase Markets Itself From Everywhere nba for the world eSports As a destination for investment in digital assets.
So far, bitcoin is at its lowest price since Coinbase (COIN) went public in April 2021, and the company is bearing the brunt. Shares are down more than 80% since November’s market high, while Q1 revenue Lodged Less than half of the previous quarter’s total. Users who transacted monthly also declined by more than 2 million during that time.
But disappointing first-quarter results aren’t unique to Coinbase. Block’s Q1 Bitcoin Purchase Revenue fell 51% year over year and up about $200 million from last quarter.
However, Coinbase is not showing concern. The company’s pinned tweet since last Wednesday makes fun of Those who would consider the crypto industry “dead”.
“Volatility is painful, and can be scary,” wrote Coinbase Chief Marketing Officer Kate Ruche blog post same day. “That said, volatility is also natural for emerging technological breakthroughs like crypto.”
Want to become a crypto expert? Get the best of Decrypt straight to your inbox.
Receive the biggest crypto news + weekly roundups and more!