Cryptocurrency

Coinbase Becomes the First Crypto Company To Make the Fortune 500

Its founder Brian Armstrong was also featured as the second youngest CEO on the list.

Cryptocurrency

Coinbase Becomes the First Crypto Company To Make the Fortune 500

Its founder Brian Armstrong was also featured as the second youngest CEO on the list.

On Tuesday, May 24, Coinbase was listed on the Fortune 500 list, making it the first-ever Crypto company to be featured there. Additionally, its founder Brian Armstrong was also mentioned as one of the youngest CEOs to make the list.

Armstrong founded Coinbase in June of 2012, the platform is now one of the largest exchanges in the cryptocurrency space and has a user base of approximately 98 million verified accounts. The 39-year-old CEO is reported to have said that the idea for the company came to him in his late 20s when he was a technical product manager at Airbnb and noticed how difficult it was to send money internationally.

The exchange, which Armstrong has been CEO of for 10 years now, ranks number 437 on the list of 500 companies, with reported annual revenue of $7.8 billion USD in 2021.

Despite the overall market downturn and temporary setbacks, Coinbase continues to build in the Crypto and broader Web3 space. Recently, it launched a Web3 browser product that will allow for interaction with decentralized apps, a beta version of its NFT marketplace, and announced the formation of a global crypto think tank “Coinbase Institute” — which will serve to accelerate research that progresses decentralization, Web3, and the future of finance.

According to its website, Coinbase currently employs over 4,900 people, is available in over 100 countries, and has a quarterly trading volume of over $309 billion USD.

Elsewhere in Crypto, WeWork’s founder raises $70 million USD for a blockchain-based carbon-credit platform.

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