Coinbase Exchange Leaps as Fortune 500 Company
Nasdaq-listed cryptocurrency exchange, Coinbase Global Inc has been added to this years list of Fortune 500 companies, making it break the record as the first fully crypto native firm that made the list. Fortune 500 companies are the most valuable firms in the United States as measured by their cumulative revenue for the 2021 fiscal year. The revenue threshold for this year was placed at $6.4 billion, up 19% from last year. Overall, Coinbase made it to the list as the 437th-ranked company with a cumulative revenue of $7.839 billion, a 513.7% growth from the year-ago period. The addition of Coinbase to the list did not come as a surprise as the company benefitted immensely from the growth of the digital currency ecosystem last year at a time when the price of Bitcoin (BTC) soared to its all-time high of around $69,000. The company has also continued to expand and diversify its revenue streams in a bid to cushion whatever shocks the crypto ecosystem might pose. At the moment, Coinbase has a series of products ranging from cloud infrastructure service through Bison Trails, to custody, and staking services amongst others. Coinbase is also making active moves to upgrade its NFT marketplace from