Coinbase First Cryptocurrency Company To Be Listed On Fortune 500; What’s The Issue With India?
New Delhi: Crypto exchange Coinbase has become the first cryptocurrency company to break into the Fortune 500.
The San Francisco-based company is currently ranked at 437 in the latest Fortune list, with its revenue being $7,839 million (approx. Rs 60,728 crore) and market value worth $41,670 (approx. Rs. 1,64,808 crore).
Coinbase, founded in 2012, has over 3,700 employees and came into prominence after going public through a direct listing on Nasdaq.
However, it recently discontinued operations in India following “informal pressure” from Reserve Bank of India (RBI), according to CEO Brian Armstrong. Payments via UPI mode on its app was halted in the Indian market last month.
“There are elements in the government there, including at the Reserve Bank of India, who don’t seem to be as positive on it. Basically, they’re applying soft pressure behind the scenes to try to disable some of these payments, which might be going through UPI,” Armstrong told analysts.
Coinbase reported a net loss of $430 million in the first quarter (April-June, 2022) — the company’s first since going public.