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Coinbase Brings Crypto to Fortune 500 for First Time: CEO of FTX Among TIME 100

 


Cryptocurrency exchange Coinbase is the first company in the crypto and blockchain industry to be included in the prominent Fortune 500 list. With this, the company has reached a milestone for the cryptocurrency industry.


The Fortune 500 has been published annually for 68 years and is basically a ranking of the leading companies in the United States based on total revenue as well as other measurable values ​​such as percentage margins, assets and number of employees.


Retail giant Walmart ranks first for the tenth straight year with sales of $572,754 million and growth of 2.4 percent. Amazon is second at $469,822 and 21.7 percent, and Apple is third at $365,817 and 33.3 percent.


Coinbase Global is ranked 437th worldwide with revenue of $7,839.4 million, annual growth of 513.7% and 3,730 employees.

FTX CEO Sam Bankman-Fried was named to TIME Magazine's list of the Most Influential People of 2022 .


He was nominated by TIME correspondent Andrew R. Chow, author of the recent article with Vitalik Buteri. Bankman-Fried has been described as an "effective altruist" and recognized for his instrumental role in promoting a positive image for the crypto space. He used "every conceivable means to convince the public of the strengths," as the magazine says .


A report recently came out that discussed Coinbase's financial performance in the first quarter of 2022. This shows that the company has made a loss of 430 million US dollars. This is the first time this has happened to the company since its listing. It has posted significant gains over the previous four quarters.


However, CEO Brian Armstrong was unfazed by the development, saying these cyclical periods of low market volume are an opportunity for the company to "focus more on product development."


This optimism also applies to Nasdaq-traded Coinbase stock COIN. The stock is down 82 percent to $66.10 from its all-time high of $368.90 after the brief return of Initial Coin Offerings in April 2021 .

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