Coinbase is now part of the iconic list of the largest U.S. companies alongside giants like Amazon, Apple and Walmart.
- It is the first cryptocurrency company to enter the Fortune 500 the list of the largest U.S. companies.
- The entry of Coinbase is an American company that operates a cryptocurrency exchange platform. to the classification occurs in the midst of a bear market.
- The exchange’s stock has fallen since its debut last year. Will it make it through to Fortune 500 in 2023?
Cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchange Coinbase has become the first company in the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets industry to reach Fortune 500 a ranking of the largest companies in the United States.
La legendaria revista Fortune added to Coinbase to its annual listing, which was released on Monday of this week. The exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. cryptocurrency exchange, which is traded on the Nasdaq occupies the position No. 437 of the classification of this 2022.
Published since 1955, Fortune 500 is a ranking of the largest U.S. corporations by total revenue. According to CoinDesk The list represents two-thirds of U.S. GDP, with revenues totaling $16.1 trillion.
Walmart topped the rankings for the tenth consecutive year with revenues of around $573 billion, followed by Amazon y Apple with figures of almost $470 billion and $365 billion respectively. In addition to Coinbase no other cryptocurrency company is included in the list.
Coinbase enters the Fortune 500 in the midst of cryptowinter
Coinbase which began trading on the U.S. stock market in April of last year, was listed in the Fortune 500 this 2022 after recording revenues of more than USD $7.8 billion by fiscal year 2021.
The editor-in-chief of Fortune , Alyson Shontell, describió al intercambio como uno de los “ several pandemic winners “that “ thrived under the strange circumstances of COVID “and flourished from then on, as reported by CoinDesk .
However, the debut of Coinbase in the well-known list of U.S. companies does not come at the best time for the company, as noted byThe Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain.. This year, the exchange has been facing the adversities of a bear someone who believes that prices in a given market will decline over an extended period. Such a person might be referred to as “bearish.” market and is estimated to generate revenues lower than the $7.8 billion in 2021 that landed it on the list.
Specifically, for the first quarter of 2022 the company registró net income of $1.16 billion and a net loss of $430 million. By way of comparison, the net revenues of Coinbase for the fourth quarter of last year were $2.49 billion. The drop in revenue coincides with the collapse in cryptocurrency market prices, a scenario that has led to a reduction in trading volumes across all exchanges.
In light of these events, Mizuho Securities has reduced its estimates for the revenues of Coinbase for the full year 2022 from USD$6.7 billion to USD$5.6 billion due to the ” cryptowinter “, according to a informs of Barron quoted by The Block .
Actions of Coinbase go down
The actions of Coinbase (COIN) have also fallen as the market moves deeper into bear territory. The share price of the exchange reached as low as USD$40 earlier this month, down 88% from its debut, when it topped USD$325. By press time, COIN a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. is trading around the $60 level .
The company has announced some measures to cope with the latest market turbulence. According to the president and chief operating officer, Emilie Choi, Coinbase plans to reduce hiring by 2022. “ Given the current market an area or arena, online or offline, in which commercial dealings are conducted. conditions, we believe it is prudent to reduce hiring and re-evaluate our staffing needs against our higher priority business objectives “, Choi said in a blog post, which was quoted byThe Block.
Choi assured that Coinbase está ” in a strong position “and has a ” balance general sólido “. He further said that the exchange has gone through several market downturns in the past and has emerged stronger and stronger.
The challenge will be to see if by 2023 Coinbase will be able to re-enter the classification of Fortune 500 .
- Economist Harry Dent predicts Bitcoin’s fall to USD $3,000 and that many years later it will reach USD $500,000.
- Coinbase Cloud cloud servers are typically located throughout different data centers all over the world. works on liquid staking participation in a proof-of-stake (PoS) system to put your tokens in to serve as a validator to the blockchain and receive rewards. service targeted for institutional customers
- Coinbase received first Bitcoin-backed loan from Goldman Sachs
Article by Hannah Estefania Perez / DiarioBitcoin
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