Crypto Market Overview May 24th | Dex-Trade
Coinbase is the First Crypto Company in Fortune 500 List
Cryptocurrency exchange operator Coinbase became the first crypto company to be included in the annual Fortune 500 list of America's largest corporations by revenue and ranked 437th. The minimum revenue required for a company to enter the Fortune 500 in 2022 is $6.4 billion, up 19% from last year. At the same time, according to information from the creators of the list, Coinbase was able to make a profit of $7.8 billion in 2021. However, this result was achieved even before the start of the "crypto winter" and a large-scale economic crisis due to the war of the russian dictator putin in the territory of Ukraine. Coinbase's current year hasn't been nearly as successful: in the first quarter, the company reported net revenue of $1.16 billion, but also reported a net loss of $430 million. Just to get an idea of the average earnings Coinbase, it’s worth considering that in the fourth quarter of last year, the company earned $2.49 billion. By the way, it was the "crypto-winter" that caused the greatest damage to the crypto-exchange — at the moment, Coinbase shares are trading near a historical low at $66. And at the beginning of this month, they fell to $40. This figure is 88% less than the share price set at the time of listing — $328.
IMF Urges "Not to Give Up" on the Crypto due to the Collapse of Terra
At the annual meeting of the World Economic Forum, International Monetary Fund (IMF) Chair Kristalina Georgieva stated that the collapse of the algorithmic stablecoin Terra UST should not be a signal to abandon cryptocurrencies for the general public, since the crypto market is important due to the opportunities for fast service at low costs and high involvement of all participants: “I would beg you not to pull out of the importance of this world. It offers us all faster service, much lower costs, and more inclusion, but only if we separate apples from oranges and bananas.” According to Georgieva, she is well aware that each investment asset is associated with a certain level of relevant risks, including cryptocurrencies. Thus, stablecoins backed by cash or other tangible assets are different from stablecoins backed by algorithms like UST. What happened to the brainchild of Terra, according to Georgieva, should serve as a lesson for investors to avoid unsecured or poorly secured and extremely risky assets. Accordingly, investors should continue to invest in cryptocurrencies and support the market, as it has long been a formidable part of the global economy.
eBay Enters the NFT Market With a Sports Collection
US e-commerce giant eBay entered the NFT market with a collection of original hockey-themed tokens developed in partnership with eco-friendly Web 3 business OneOf. The latest collection includes 13 limited NFT exhibits and is called "Genesis". The exposition consists of four levels - green, gold, platinum and diamond. They feature 3D and animated interpretations of iconic athletes who have featured on the cover of Sports Illustrated for years. As for the price list, eBay plans to sell NFTs dear to the hearts of fans starting at $10 apiece. However, the company's vice president of collectibles, electronics, and homes, Don Block, emphasized that NFTs and blockchain technology are revolutionizing the collectibles space and are seen as an investment opportunity by many fans. Recall that the commercial platform announced the launch of sales of NFTs and digital collectibles last year. The list of collectible lots included video clips, images, and collectible fan cards.