Leading business and finance magazine Fortune, known for its influential lists, recently launched its inaugural “Crypto 40” issue, which ranks the top five crypto projects and companies across eight different categories. These categories include centralized finance (CeFi), traditional finance (TradFi), venture capital, NFTs, data, infrastructure, decentralized finance (DeFi), and protocols, with Fortune explaining: “The decision to create separate categories instead of a single list reflects the fact that crypto is a diverse industry, and that it’s hard to find common metrics to weigh the relative importance of a crypto exchange versus a traditional finance company versus a DeFi project.” For its methodology, Fortune worked with various crypto analytics companies and surveyed over 200 financial executives through polling firm Researchscape, while also acknowledging “an element of subjectivity” in the process.

The past year in crypto has been marked by plenty of ups and downs. Overall, the market has experienced a significant downturn, with many cryptocurrencies having seen their values plummet. This has been largely attributed to various factors including regulatory crackdowns, mining bans, and no shortage of negative news.

One major story that has played out during this period has been the collapse of FTX, a popular crypto exchange that had grown rapidly in recent years. The exchange's collapse (due in large part to allegations of fraud), in combination with the larger market downturn, has further contributed to skepticism about the crypto space.

Despite these challenges, though, the crypto market has continued to expand, with Bitcoin, Ethereum, Solana, and numerous other cryptocurrencies seeing a surge in value throughout the beginning of 2023. And the Fortune Crypto 40 list further reinforces a robust crypto ecosystem that continues to evolve well beyond the blockchain platforms themselves.

So let's explore the results of the Fortune Crypto 40 list:

Centralized Finance (CeFi)

1. Coinbase

2. Binance

3. Kraken

4. Galaxy Digital

5. Circle

The CeFi category ranks centralized cryptocurrency exchanges that allow users to trade cryptocurrencies using fiat currencies. Fortune based its selection on “market share, transparency, and industry reputation.”

Coinbase’s top position is unsurprising, as it remains one of the largest and most well-known exchanges in the industry. Binance and Kraken are also well-established exchanges that have a significant market share. And Galaxy Digital and Circle's inclusion stands as notable as well, as they represent the growing trend of cryptocurrency-backed lending and borrowing.

Traditional Finance (TradFi)

1. PayPal

2. Robinhood

3. JP Morgan Chase

4. Fidelity

5. Visa

The TradFi category highlights traditional financial institutions that are increasingly integrating blockchain technology into their operations. Fortune considered banks, exchanges, and fintech companies (while excluding trusts and investment firms) based on “the number of crypto-related products… and industry reputation.”

PayPal's integration with MetaMask has proven a significant step in bridging the gap between traditional finance and the crypto industry. Robinhood, meanwhile, has helped bring crypto trading to mainstream investors. And JP Morgan Chase's inclusion in the top five could matter quite a bit, as it is one of the largest financial institutions in the world and its adoption of blockchain technology could have significant implications for the industry.

Venture Capital (VC)

1. Polychain Capital

2. Animoca Brands

3. Andreessen Horowitz

4. Pantera Capital

5. Blockchain Capital

The VC category recognizes the top five venture capital investors in the crypto industry. According to Fortune, “firms must have invested in at least 35 crypto companies and have backed at least one unicorn. Angels, incubators, and pension funds are not eligible. Other key criteria include exits, reputation and social signals.”

Polychain Capital has been one of the most active VC firms in the space, with investments in numerous successful projects such as Compound and Uniswap. Animoca Brands and Andreessen Horowitz have also made significant investments in various crypto projects. And Pantera Capital and Blockchain Capital are well-known VC firms that have been active in the industry for several years.

Non-fungible tokens (NFTs)

1. OpenSea

2. Yuga Labs

3. Sky Mavis

4. Art Blocks

5. RTFKT

The NFTs category recognizes the top five marketplaces or collections involved in the creation, sale, or trading of non-fungible tokens. Fortune weighed both marketplace fees and all-time volume in its selections.

OpenSea is currently one of the largest and most well-known NFT marketplaces. And Yuga Labs and Sky Mavis—responsible for Bored Ape Yacht Club and Axie Infinity, respectively—have launched some top NFT projects, as have firms Art Blocks and RTFKT.

Data

1. Chainalysis

2. Coin Metrics

3. The Graph

4. Dune

5. Messari

The data category recognizes the top five companies that are providing data and analytics services for the crypto industry. For this group, Fortune took into account “funding raised, headcount, and media reputation.”

Chainalysis is one of the most well-known and respected blockchain analysis firms. And Coin Metrics, The Graph, Dune, and Messari have all also made significant contributions to the industry through data and research.

Infrastructure

1. Ledger

2. Genesis Digital Assets

3. Bitmain

4. Alchemy

5. MoonPay

The infrastructure category recognizes the top five companies that provide critical infrastructure services for the crypto industry. According to Fortune, “Eligible companies must be public with a market cap of over $400 million or private and have raised at least that amount. They may include mining firms, hardware makers, and software firms.”

Ledger stands as one of the most well-known and respected hardware wallet providers in the industry. Meanwhile, Genesis remains one of the world’s largest Bitcoin mining companies, with Bitmain one of the world’s top mining hardware manufacturers.

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Decentralized Finance (DeFi)

1. Uniswap Labs

2. Lido

3. MakerDAO

4. Aave

5. Curve

The DeFi category recognizes the top five projects or companies that are involved in the decentralized finance ecosystem. But Fortune’s criteria is additionally specific: “Eligible entities must have had their code audited by a reputable company, must operate through a decentralized autonomous organization, and must have a total-value-locked of at least $200 million and monthly revenues of at least $100,000.”

Uniswap is a large and well-known DEX that uses smart contracts to execute trades. MakerDAO is a well-established DeFi protocol that has been around for several years, and Aave is a significant player in the lending and borrowing space as well. It’s worth noting that all of the winners in the DeFi category are Ethereum-based applications.

Protocols

1. Ethereum

2. Bitcoin

3. Polygon

4. Solana

5. Offchain Labs

The protocols category recognizes the top five blockchain protocols. According to Fortune: “This category acknowledges that some of the biggest crypto projects, including Bitcoin, are decentralized and not run by a company at all. As such, Fortune is evaluating labs, foundations, companies, and other entities that support and build tools and products for various blockchains.” The magazine weighed “protocol-related revenue, recent volume and activity, and security” in their selections for this category.

Ethereum's top position over Bitcoin might prove surprising to some, though it probably shouldn’t—with Ethereum currently the leading platform for decentralized applications and smart contracts. Solana’s inclusion in the top five is also particularly noteworthy, as it remains a promising and ambitious blockchain platform that has nonetheless seen its share of adversity in recent times. Solana offers high transaction speeds and low transaction fees, which has fueled and supported a robust ecosystem of NFTs, with many promising projects ongoing.

Conclusion

The Fortune Crypto 40 offers an overview of top companies and projects in the crypto industry across various categories. While some of the selections may come as no surprise, the list also highlights some lesser-known entities that have made some significant contributions to the industry. And as the crypto industry continues to grow and evolve, it will prove interesting to see how these projects fare in the future.

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