Coinbase Slows Down Hiring Amid Market Downturn, India Head Said to Be Moving to US

Coinbase Becomes First Cryptocurrency Company in Fortune 500 List, Bags 437th Position

Taking a lead ahead of recent rumours indicating financial troubles, Coinbase has made it to the prestigious list of the Fortune 500 companies. The crypto exchange has secured 437th position in the annual list compiled and published by Fortune magazine that ranks 500 of the largest US firms by total revenue for their respective fiscal years. With this, Coinbase has historically become the first cryptocurrency-related company ever, to have featured on the list that first started ranking companies back in the 1950s.

In its updated list, Fortune showed Coinbase’s revenue as $7,839 million (roughly Rs. 60,728 crore) and market value as of March as $41,670 (roughly Rs. 1,64,808 crore).

Coinbase made the cut to the Fortune 500 list after registering a 513 percent increase in the revenue year over year and a significant 1,024 percent surge in profits.

“Just before its direct listing, analysts were predicting that the company could debut with a $100 billion (roughly Rs. 7,74,805 crore) valuation. But it closed its first day of trading with a $61 billion (roughly Rs. 4,72,631 crore) valuation, just edging out DoorDash for the seventh highest market cap among US companies after their first day of trading,” a report by Fortune said.

This recognition for US’ biggest crypto exchange seems to have triggered a fresh beam of glee for members of the crypto community after days of market turmoil.

Earlier this month, the crypto exchange found itself under the limelight after it reported a 44 percent loss in trading values.

In the first quarter of 2021, the crypto exchange said its trading volume generated $309 billion (roughly Rs. 23,86,484 crore). The figure is significantly lesser than the trading volume of $547 billion (roughly Rs. 42,23,250 crore) that Coinbase had reported in the fourth quarter of 2021.

The company has said that it has slowed down hiring for the time being.

Coinbase also made it to the headlines recently, after it said in a government filing that users could lose direct claims to the crypto assets they hold on Coinbase, in the event of a bankruptcy. This SEC filing from Coinbase added financial trouble rumours for the company.

It also became the first entity to receive a Bitcoin-backed loan from Goldman Sachs recently.

The company is expanding its services portfolio for the crypto community.

In May 17, Coinbase launched a new wallet and browser feature dedicated to decentralised apps (dApps), within its own platform. Coinbase is looking to drive-in more people to experiment with the Web3 space with these apps. Coinbase users will be able to visit NFT marketplaces and decentralised autonomous organisations (DAOs) via the familiar Coinbase app itself.


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