No one thought it would happen, especially as 2021 displayed itself as a year of difficulties for the crypto world. The bearish runs and apprehensions have continued into 2022. Furthermore, such honors are given to normal businesses, and generally dealing in stocks/shares. If you want to start bitcoin trading, visit Bitcoin Boom website for more details about bitcoin trading.
Nonetheless, Coinbase seems to have done the impossible. The annual revenues in 2021, showed the company to have profited by something beyond $7.8 billion. This figure took it to the list of the Fortune 500 companies. Its ranking was 437. Suffice to say that Coinbase is now a Fortune 500 company, like so many others! However, it is the first cryptocurrency exchange to receive this honor. The others to receive this honor, are pure commercial ventures.
Be a Fortune 500 Company
The Fortune Magazine goes in for an annual ranking of the USA’s 500 largest corporations. The ranking is in alignment with the annual revenues of each company. Nonetheless, this is not the only aspect that readers are interested in, and therefore, the Magazine provides details about every company’s market value, after-tax profits, earnings per share, stockholders’ equity, assets, etc. In short, the American public comes to understand how the actions of these companies influence the nation’s economy. All these companies display their financial statements regularly, to governmental agencies. Additionally, they are headquartered across the U.S.
Coinbase Acquires a Prestigious Position
True, the company did not consciously go all out to acquire this position! However, it did make all the right moves, without even seeming to! For instance, it remained a virtual, decentralized platform. It did not change this attitude, despite the entry of COVID-19 and other significant issues. At the same time, it had to face competitors too, other pandemic winners. This was revealed by Allison Chantel, an editor-in-chief. Nevertheless, Coinbase won!
Certain moves worked in its favor. For instance, Coinbase did whatever it could, to experiment with innovative technologies. It also went all out to improve its existing reputation, even permitting investors to gain well from their holdings/investments. Its app on Smartphones, is highly user-friendly. This enabled even newcomers to feel confident of dabbling in the crypto world, without flinching. Today, it has joined ranks with other giants, such as Amazon ($469.8B), Walmart ($573.8B), Apple ($365.82B), etc. Seeing this bonding between all these companies and the fans of cryptos, make investors appreciate even more the honor that Coinbase has received!
Coinbase Must Hang On To Its Position
The issue here is not to merely enjoy the enviable status it has been granted! The issue here is for Coinbase to take steps to cling to its position, and not lose it to a rival. Will it be able to do so?
Looking at the financial results of the first quarter of 2022, the company’s net revenues looked promising. They totaled $1.16 billion, which was commendable, even if the analysts and critics did not look/sound too hopeful. The target seemed low, in comparison to the $2.5 billion that the company had shown during the last quarter of 2021. Therefore, Coinbase will have to improve its output over the remaining months of 2022. Only then, can it be sure of holding on to its exalted position. It is a time of uncertainties, for markets can change any time. Additionally, they do so without warning. Then again, public mindsets keep changing, according to what they hear and understand.
Coinbase is extremely reputed and popular. However, it is just a cryptocurrency exchange amongst many others. It offers over 100 coins and tokens for trading deals. The most popular ones are Ether, Bitcoin, Dogecoin, etc. In fact, the pathway for selling/purchasing these coins is quite simple and rapid. It is why crypto enthusiasts are so keen for Coinbase to itself prosper, and help them prosper too! Thus far, the company has attracted almost 100 million customers. Currently, its assets are worth $256 billion. However, keeping all its clients and customers always satisfied, is not going to be easy. Therefore, the company may need to expand its operations. It may need to offer more products and services that sustain and yield profits for a long time to come. Above all, it will have to finetune its strategies/tactics, in alignment with changing trends in the global marketplaces.