The world of cryptocurrency has reached a pivotal moment of recognition and maturity, marked by the debut of the Fortune Crypto 40—a first-of-its-kind, data-driven ranking that identifies the most influential players shaping the blockchain ecosystem. Published in the April/May 2023 issue of Fortune magazine, this authoritative list reflects the evolution of crypto from a niche trading phenomenon into a diverse, enterprise-grade industry spanning finance, technology, culture, and governance.
Unlike subjective rankings or speculative lists, the Fortune Crypto 40 leverages empirical metrics, public blockchain data, and insights from over 200 financial executives surveyed by Researchscape. Developed in collaboration with economist and veteran crypto journalist Rob Stevens, the methodology emphasizes transparency, innovation, and long-term impact—hallmarks of sustainable success in the digital economy.
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A New Benchmark for the Blockchain Era
Since its founding in 1930, Fortune has set the gold standard for evaluating corporate influence through iconic rankings like the Fortune 500™. With the launch of the Fortune Crypto 40, the publication extends its legacy of rigorous analysis into the fast-moving world of blockchain technology.
This initiative follows Fortune’s early commitment to crypto coverage, beginning in 2017 with The Ledger, one of the first dedicated crypto franchises in mainstream business media. Now, with Fortune Crypto, the brand brings journalistic integrity and analytical depth to a space often clouded by hype and misinformation.
The ranking is structured across eight key categories, enabling fair comparisons among similar types of organizations:
- Centralized Finance (CeFi)
- Traditional Finance (TradFi)
- Venture Capital (VC)
- Non-Fungible Tokens (NFTs)
- Data & Analytics
- Infrastructure
- Decentralized Finance (DeFi)
- Protocols
Each category highlights the top five entities—ranging from for-profit companies to decentralized autonomous organizations (DAOs) and nonprofits—that have demonstrated leadership, resilience, and transformative potential.
Category Leaders Shaping the Future of Web3
The winners represent both established names and innovative disruptors driving real-world adoption of blockchain technology.
- CeFi: Coinbase – As a regulated U.S.-based exchange, Coinbase continues to bridge traditional finance with digital assets through compliance, security, and user-friendly platforms.
- TradFi: PayPal – By integrating crypto into its global payments network, PayPal has brought blockchain access to millions of everyday users.
- VC: Polychain Capital – A pioneer in crypto-focused venture investing, Polychain has backed foundational protocols and early-stage blockchain innovations.
- NFTs: OpenSea – The largest NFT marketplace remains central to digital ownership, supporting creators in art, gaming, and collectibles.
- Data: Chainalysis – Providing critical blockchain intelligence for enterprises and governments, Chainalysis enhances transparency and regulatory compliance.
- Infrastructure: Ledger – Known for secure hardware wallets, Ledger empowers individuals to self-custody assets safely.
- DeFi: Uniswap Labs – Behind the leading decentralized exchange protocol, Uniswap enables permissionless trading and liquidity provision.
- Protocols: Ethereum Foundation – As the backbone of much of the decentralized web, Ethereum continues to evolve through upgrades focused on scalability and sustainability.
These leaders exemplify how blockchain is no longer just about speculation—it's about building infrastructure, empowering creators, and reimagining financial systems.
Methodology Rooted in Transparency and Impact
What sets the Fortune Crypto 40 apart is its commitment to objectivity. The evaluation framework combines:
- On-chain activity and public ledger data
- Financial performance indicators
- Innovation and product development
- Governance practices
- Community engagement and ecosystem growth
Entities were assessed not only on current influence but also on their contribution to responsible growth within the industry. Special consideration was given to those promoting transparency, ethical standards, and long-term sustainability.
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Why This Ranking Matters Now
As regulatory scrutiny increases and market volatility tests resilience, the need for credible benchmarks has never been greater. The Fortune Crypto 40 arrives at a turning point—when institutional adoption is accelerating, central banks are exploring digital currencies, and major industries—from music to real estate—are experimenting with tokenization.
For example, as detailed in the same issue, artists like Steve Aoki and Justin "3lau" Blau are using NFTs to forge deeper connections with fans, turning listeners into stakeholders. Meanwhile, investigations into exchanges like Binance reveal both the immense profits possible in crypto and the risks posed by opaque operations.
This context underscores why objective evaluation matters: to separate enduring innovation from short-term hype.
FAQ: Understanding the Fortune Crypto 40
Q: What makes the Fortune Crypto 40 different from other crypto rankings?
A: Unlike opinion-based lists, this ranking uses verified data, executive surveys, and a transparent methodology developed with an independent economist to assess real-world impact.
Q: Are cryptocurrencies ranked, or companies?
A: The Fortune Crypto 40 ranks organizations—including companies, DAOs, and nonprofits—not individual tokens or coins.
Q: Why include traditional finance firms like PayPal?
A: Firms like PayPal play a crucial role in mainstream adoption by making crypto accessible to non-technical users through familiar financial interfaces.
Q: How can a nonprofit like the Ethereum Foundation top a category?
A: The Ethereum Foundation leads in protocol development and ecosystem support, demonstrating that influence isn't solely measured by revenue or market cap.
Q: Is this list updated annually?
A: While not officially confirmed beyond the inaugural edition, Fortune has positioned it as a benchmark intended for regular iteration, similar to its other flagship rankings.
Q: Where can I see the full list?
A: The complete Fortune Crypto 40 is available on Fortune’s official website.
The Road Ahead for Crypto Recognition
The debut of the Fortune Crypto 40 signals a broader shift: blockchain technology is no longer on the fringes. It's being evaluated with the same seriousness as traditional industries—by one of the most respected names in business journalism.
As Web3 matures, such authoritative assessments will help investors, entrepreneurs, and policymakers navigate complexity with greater clarity. They also encourage healthy competition based on innovation, transparency, and user value—not just valuation or viral trends.
For anyone tracking the future of money, ownership, and digital identity, the Fortune Crypto 40 offers a clear lens into who’s building what truly matters.
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