Coinbase Enters Fortune 500 and CEO of FTX Appears in TIME 100

Coinbase has become the first cryptocurrency business to enter Fortune 500, the list of the largest corporations in the US by total revenue for their respective fiscal years.

The crypto exchange ranked 437 on the list with a 513.7% annual gain and $7,839.4 million in revenue.

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Fortune Magazine shared the news on their Twitter account and provided the whole list of winners:

On the other hand, this year, Coinbase announced a loss of more than $400M in Q1 2022. As a result, it had to halt some of its expansion plans and devise emergency remedies to deal with the situation.

On May 24, Coinbase also stated that it would introduce Avalanche and BSC to the Coinbase Wallet. From now on, users will be able to exchange on four different networks, including Ethereum (ETH), Polygon (MATIC), Binance Smart Chain (BNB), and Avalanche (AVAX).

Coinbase, founded in June 2012, is a digital currency wallet and platform where merchants and customers may transact with emerging digital currencies such as BTC, ETH, and LTC.

In addition, the CEO of FTX Sam Bankman-Fried appeared in The Most Influential People of 2022 by TIME Magazine. Bankman-Fried was nominated by the staff writer for TIME magazine Andrew R. Chow and described as an “effective altruist” for his vital role in developing a good narrative for the crypto sector and implementing every technique possible to convince the public of its benefits.

"In a crypto landscape ridden with scams, hedonism, and greed, Bankman-Fried offers a kinder and more impactful vision brought forth by the nascent technology," a TIME correspondent added when describing the FTX CEO.

Bankman-Fried strives to change people's perceptions of crypto due to a significant belief in its revolutionary ability.

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