Coinbase, the largest cryptocurrency exchange in the United States, has been inducted to the Fortune 500 for the first time.
Coinbase ranked 437th on the list with $7.8 billion in revenue for the fiscal year 2021. The majority of Coinbase's revenue comes from trading fees.
Coinbase benefited as well. Prior to November, when the overall crypto market cap surpassed $3 trillion, Bitcoin is currently at its lowest price since Coinbase (COIN) went public in April 2021, and the firm is suffering as a result.
Since November's market high, shares have dropped more than 80%, and Q1 revenue was less than half of the previous quarter's total. During that time, the number of monthly transacting users declined by almost 2 million.
In a blog post the same day, Coinbase Chief Marketing Officer Kate Rouche said, "Volatility is painful and can be scary." "However, volatility is inherent for new technology advances like cryptocurrency."
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