The USA based crypto exchange, Coinbase has made history by becoming the first crypto company to join the Fortune 500 list.
The minimum total revenue to enter the list is $6.4 billion. However, Coinbase’s 2021 revenue was US $7.8 billion which pushed the company to the 437th rank in Fortune’s annual list of the biggest U.S. companies.
The firm had struggled recently and missed the expectations of analysts in the first quarter due to the crypto crash. During the first quarter, the overall trading volumes dropped 44% in comparison to the fourth quarter of 2021.
The 2022 list has only taken into account the company’s 2021 financial performance. The threshold for the 2021 list was $5.4 billion. This was Fortune’s 68th edition of the top 500 companies and it showcased a staggering revenue of US $16.1 trillion and showed US $1.8 trillion in profits.
The CEO of Coinbase, Brian Armstrong tweeted, “All markets have their ups and downs. After 10 years in business, we’ve learned how to navigate both. We tune out the noise, focus on the long term, and keep building”.
Coinbase had expected to triple its size by 2022, but in a note to workers last week, Coinbase Chief Operations Officer Emilie Choi stated that the company will be reducing hiring due to market conditions.
The retail giant Walmart is at the top spot with about US $573 billion in revenue, and Amazon and Apple right behind by generating US $470 billion and US $365 billion, respectively.