Coinbase, the largest US crypto-asset trading platform, became the first crypto company to enter the Fortune 500.
Business magazine Fortune ranked companies according to their 2021 financial income. Coinbase has become the first crypto company to enter the Fortune 500 list of the largest companies in the USA by revenue. The company entered the list at number 437. Coinbase’s 2021 revenue was $7.8 billion, according to Fortune.
On the other hand, things are not going well for Coinbase this year. The company reported net income of $1.16 billion and a net loss of $430 million for the first quarter of this year. Coinbase reported net income of $2.49 billion in the fourth quarter of last year.
The decline in the cryptocurrency market is a significant part of the decline in Coinbase’s revenues. As it is known, with the decline, the transaction volumes on crypto asset trading platforms also decreased significantly.
Coinbase shares are also trading near all-time lows at $66.
