In an industry milestone, cryptocurrency exchange Coinbase has become the first corporation within the cryptocurrency and blockchain space to appear on the prominent Fortune 500 list.
The Fortune 500, which has a 68-year annual tradition, is synonymous with ranking America’s top companies by total revenue, as well as other quantifiable metrics such as percentage profit margins, assets, and the number of employees, among others.
Retail giant Walmart took the top spot for the 10th consecutive year, with $572.754 million in revenue and 2.4% growth. Amazon registered second place with USD 469,822 million and 21.7%, while Apple took third place with USD 365,817 million and 33.3%.
Coinbase Global’s inclusion in 437th place was supported by recorded revenue of $7,839.4 million, an annual increase of 513.7%, and 3,730 employees globally.
The 68th edition of the @Fortune500 is out. Check out the full list here: https://t.co/VeQjz1IfHA
— FORTUNE (@FortuneMagazine) May 23, 2022
In other news, FTX CEO Sam Bankman-Fried has been named to TIME magazine’s list of the most influential people of 2022.
Nominated by TIME Correspondent Andrew R. Chow – the author of Vitalik Buterin’s recent article – maverick leader Bankman-Fried was singled out as an “effective altruist” and recognized for his instrumental role in advancing a positive narrative for the cryptocurrency space, and “using every imaginable tool to convince the public of its strengths,” according to 99-Year-Old Magazine.
A newly released report documenting Coinbase’s financial performance throughout the first quarter of 2022 revealed $430 million in losses, the first incident in the company’s public history after four previous quarters of significant profits.
Nevertheless, CEO Brian Armstrong was not intimidated by fortunestating that these cyclical periods of low market volume provide the opportunity for the company to “focus more intensely on product development.”
This bullish sentiment also applies to Nasdaq-traded Coinbase stock, COIN, which have plunged 82% from all-time highs of $368.90 following the April 2021 initial coin offering rally to $66.10 at press time.
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