Fortune has retired The Ledger to launch Fortune Crypto—a new website “dedicated to everything blockchain.”
Fortune Crypto's Jeff John Roberts said the new site was created to better represent the current role of cryptocurrency in finance and business. The new site also shows Fortune’s dedication to offering high-quality journalism on crypto-related topics.
The Ledger was said to not “reflect the full ambitions of the new Fortune Crypto.” In the future, Fortune Crypto plans to deliver “high-quality events,” a crypto education module and Web3 native business initiatives, including crypto payments and NFT products.
Roberts added that Fortune Crypto would cover new technologies in the crypto industry, like Layer 2 solutions and bridges. The new website also covers the increasing involvement of traditional banks and other major “TradFi” firms in the industry as these institutions build their “blockchain capabilities.”
Fortune Crypto has covered several important news in the crypto industry. The news site’s growing team aims to make these stories more accessible to people who are new to the scene while still appealing to the “OGs.”
The new site also implements a different newsletter system, sending five letters per week to its subscriber. Roberts said the daily version would be brief but also “essential.”
According to Fortune Crypto, while the first developmental phase of the crypto industry was rooted in Silicon Valley, the second phase will be grounded in finance. Fortune Crypto plans to educate readers about this transition via news pieces on executives at top firms.
Crypto and society
Institutional adoption of cryptocurrency has grown in the past years. AMC started to accept Bitcoin payments in 2021. PayPal and Square have also allowed users to purchase crypto tokens on their platforms. Tesla now accepts Dogecoin payments and invests billions in crypto assets. It was reported recently that Amazon planned to adopt crypto in its operation. CoinFlip CEO Ben Weiss said mainstream companies adopting cryptocurrency into their business would cause “a chain reaction of others accepting it.”
Governments in several countries have also initiated plans to integrate cryptocurrency into their economic systems. The U.S. House of Representatives recently introduced a bill to regulate stablecoins. This legislation, if approved, will impose a two-year ban on any algorithmic stablecoin whose liability is another digital asset produced by the same issuer.
U.S. Security and Exchange Commission head Gary Gensler said regulation of the crypto industry was needed, saying that investors would be hurt without it.
“So, we at the SEC, are working in each of those three fields — exchanges, lending, and the broker-dealers — and talking to industry participants about how to come into compliance, or modify some of that compliance,” Gensler added.
The decision to introduce the bill came after TerraUSD’s downfall earlier this year. Inflation had caused Terra to “depeg” from the U.S. greenback, leading to the downfall of its sister token, Luna. Investors of these two crypto assets lost their investments in a short period.
The stablecoin’s downfall also affected the crypto industry as a whole. A number of crypto firms announced layoffs and froze withdrawals to cut operational costs. Some crypto firms like Three Arrows Capital and Voyager Digital also announced bankruptcies. It also led to a drop in the overall crypto market valuation.