• May 27, 2022

Coinbase entered the Fortune 500 list of the largest US companies.

Coinbase entered the Fortune 500 list of the largest US companies.

Coinbase (COIN) entered the Fortune 500 list, a ranking of the largest American companies by revenue. Becoming, in this way, the first cryptocurrency company to join the list.

The Nasdaq-listed crypto exchange recorded revenues of more than USD 7.8 billion in the 2021 fiscal year. To place itself in this way, on the 437th place in the list of 2022 published on Monday. Having first listed on Nasdaq in April 2021, Coinbase entered the Fortune 500 at the first opportunity.

The exchange was singled out by Fortune editor-in-chief Alyson Shontell as one of the “several winners of the pandemic” who “thrived under the strange circumstances of COVID” and flourished thereafter.

The Fortune 500 accounts for two-thirds of the U.S. gross domestic product, with revenues totaling $16.1 trillion.

Coinbase adds BNB Chain and Avalanche to its list of Coinbase Wallet compatible networks

The largest cryptocurrency exchange in the United States, Coinbase, has added BNB Chain, and Avalanche to the list of supported Coinbase Wallet networks, where users can exchange and store cryptocurrencies.

The exchange’s Tuesday blog post boasts that the added functionality will provide access to “thousands of tokens.” These constitute a “greater variety than most traditional centralized exchanges can offer.”

The functionality added to BNB Chain and Avalanche brings the total of supported networks to four, including Ethereum and Polygon. Users of the wallet who wish to trade on-chain can use Coinbase’s own decentralized exchange (DEX) on four networks. Token exchange is not yet available.

The ECB warns that the risks of cryptocurrencies could spread to a wider economy

More financial institutions committing to cryptocurrencies or digital assets that are used as a form of payment could increase the “spillover to the overall economy.” So, the European Central Bank wrote in a report on Tuesday.

Regulators have been analyzing the devastating collapse of Terra, which cast doubt on the stability of algorithmic stablecoins like UST.

«Given the speed of crypto developments and the increasing risks, it is important to bring crypto assets to the regulatory perimeter. As well as under supervision as a matter of urgency,” the ECB said.

South Korean authorities seek to take a closer look at exchanges after Terra collapse

As has been seen previously with the ECB, more and more financial authorities are seeking to introduce control measures for the collapse of Terra around the world. South Korea is looking to incorporate measures to subject crypto exchanges to greater scrutiny following the collapse of Terra, according to a report by The Korea Times.

The topic “Crypto” was on the agenda of an emergency seminar of the National Assembly this week. A two-day meeting was designed to discuss the disaster involving Terra Stablecoin UST and its sister token LUNA, which collapsed to almost zero earlier this month.

“We need to make the exchanges play their rightful role, and to that end, it is crucial that the control bodies closely monitor them,” said Representative Sung Il-jong of the ruling People’s Power Party. “When exchanges violate the rules, they should be held legally responsible to ensure that the market runs smoothly and smoothly.”

About 280,000 South Koreans are believed to have been victims of the steep drop in the values of the SUN and MOON, according to the Korea Times.