The exchange pulled in $7.8 billion in revenue for the 2021 fiscal year, ranking 437th on the list, which was announced on Monday. But when ranked by revenue growth, Coinbase, at nearly 514%, trailed only Moderna among top 500 firms. The bulk of Coinbase’s revenue is from trading fees.
Both Coinbase and Moderna were among the companies that “thrived under the freakish circumstances of COVID,” noted Fortune’s editor in chief, Alyson Shontell.
Coinbase also capitalized on the rising popularity of cryptocurrencies. Before the total crypto market cap peaked above $3 trillion in November, Coinbase marketed itself everywhere from the NBA to the world of esports as a go-to destination for investing in digital assets.