Also: remote layoffs, an ongoing EY investigation, and a new Tesla factory in Shanghai
Good morning.
Last year’s plunge of cryptocurrencies, the collapse of FTX, and the evaporation of a couple trillion dollars in value, left many people—myself included—wondering what was left in the wreckage. Is this really a revolutionary new technology that will change the way the world does business and finance? Or is it mainly a tool for speculators and scofflaws? U.S. regulators have gone on the attack, with the CFTC suing Binance, the world’s largest crypto exchange, and the SEC sending a Wells Notice to Coinbase, the number two exchange.
Is there a pony in there somewhere? At Fortune, we’re still looking. Today, we are launching a new list, the Fortune Crypto 40, that identifies the companies doing the best work with blockchain. The list recognizes that “the industry, which was once defined by crypto trading, is now much broader,” says our seasoned Crypto Editor Jeff John Roberts, who has been covering crypto for nearly a decade. “We honor a wide range of industries, from VC firms to NFT shops to data companies to decentralized protocols, that have created major enterprises around blockchain technology.”
The new list is based on a rigorous methodology, looking at an array of metrics and a survey of financial executives. It pinpoints eight different categories and chooses the top five companies and entities operating in each. You can find the list this morning here. We think it demonstrates that there is indeed interesting work going on in crypto and blockchain technology that will change the business world in many ways. One example: how NFTs are remaking the music industry.
Spoiler alert: Binance is not at the top of any of these lists. If you want to understand one reason why, take a look at Shawn Tully’s analysis of the Binance business model here. And to understand the forces that shaped Binance’s founder and CEO, read this profile of Changpeng “CZ” Zhao by Roberts and Yvonne Lau.
More news below.
Alan Murray
@alansmurray
alan.murray@fortune.com
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Remote layoffs
Due to the increase in remote work, remote layoffs have become more common. Many companies now prefer to inform their employees about layoffs from a distance. This method offers benefits such as privacy, confidentiality, and comfort for those affected, allowing them to process the news in a dignified manner. Although in-person layoffs were considered the norm for a long time, the situation has evolved, and according to Peter Cappelli, a management professor at the Wharton School at the University of Pennsylvania, remote layoffs may be the better option. Fortune
Take your time, EY
The SEC has given EY more time to resolve issues related to an exam-cheating scandal that led to a $100 million fine and allegations of misleading U.S. regulators. Originally, EY was ordered to complete an independent investigation by January 2023 into why its U.S. leaders failed to disclose evidence from a whistleblower that employees were sharing answers on professional tests. This process is still ongoing, and the SEC has given the independent consultants more time to complete their review. Financial Times
Next stop: Shanghai
Tesla plans to open a factory in Shanghai that will produce Megapack energy products, in addition to its California factory output. The Shanghai plant is expected to begin production in Q2 2024 and will initially manufacture 10,000 Megapack units annually, providing approximately 40 gigawatt hours of energy storage. Reuters
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Cloud trends and strategies for innovation According to Deloitte’s Future of Cloud Survey Report, the cloud can be a force multiplier for business performance and digital transformation. Explore cloud innovation insights and trends from the report, including how leaders might reduce uncertainties and gain the most value from cloud investments. Read more
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Want to own a piece of crypto's comeback? |
Auction ending @1:00p EDT today, don't miss the chance at Fortune's second ever NFT Fortune's April/May magazine cover was created by the trailblazing generative artist and creative coder Itzel Yard, also known as Ix Shells. The piece, titled Fortune: Crypto Climbs Back From The Worst Year Ever, now available. Don't miss out. |
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