There are all kinds of exciting events taking place into the crypto space. Check out the latest one involving COinbase below.
Coinbase marks an important achievement
US exchange Coinbase has earned billions in revenue to become the first crypto company to break into the Fortune 500.
Coinbase Global (COIN) grossed over $7.8 billion in revenue in 2021. This placed COIN at #437 on Fortune’s ranking of the 500 largest US companies by revenue.
Coinbase is the first crypto firm to join the list, published on Monday, and was first listed on the Nasdaq in April 2021.
The online publication the Daily Hodl notes that Fortune editor-in-chief Alyson Shontell says Coinbase was one of a few “pandemic winners” who managed to profit despite the “freakish circumstances” of the second year of a global pandemic.
Coinbase’s achievement is a milestone for the company
Coinbase’s $7.8 billion in revenue pales in comparison to the #1 Fortune 500 company, Walmart, which has $573 billion in revenue.
Accoridng to the online publication mentioned above, Coinbase CEO Brian Armstrong expects Coinbase and the crypto space as a whole to continue growing. Not too long ago, he predicted that the crypto economy will explode to 15% of global GDP in the coming years.
“In my mind, this is a little bit like the early days of the Internet, where you saw the birth of e-commerce in the late ’90s or early 2000s, and now fast forward 20 years, e-commerce, I think, is something like 15% of global GDP.”
He continued and said the following:
“And I think if you fast forward 20 years from here, the crypto economy is going to represent probably a large portion like that, 15% of global GDP.”
The latest crypto market crash
It’s been just revealed that the banking giant Goldman Sachs is reportedly saying that the most recent crypto market crash had next to no impact on the financial well-being of US consumers.
According to a new report by Bloomberg, economists at Goldman Sachs explained the fact that the latest crypto correction is “very small” compared to the overall net worth of US households, which in 2021 was at $150 trillion.
