Binance CEO turns richAccording to the Bloomberg Billionaires Index, the CEO of a cryptocurrency exchange recently made headlines by becoming one of the richest men in the world. Crypto pioneer Changpeng Zhao, who founded exchange platform Binance, is now worth nearly $100 billion and is ranked 11th on the Bloomberg Billionaires Index. According to new calculations, Changpeng “CZ” Zhao, who runs Binance, has joined the ranks of the world’s top billionaires with an estimated net worth of at least $96.9 billion. It’s the first time Bloomberg has taken into account its fortune-telling, and it has surpassed some of the world’s top businessmen.
The 44-year-old’s journey into the world of cryptocurrency began with a friendly game of poker, starring Bobby Lee, the then CEO of BTC China, and investor Ron Cao. The two urged Zhao, known as CZ among cryptophiles, to invest 10 percent of his wealth in bitcoin – an advice he apparently followed. Zhao sold his apartment to invest in bitcoin after studying it, and in the process he started Binance in 2017, which is by far the largest cryptocurrency exchange in the world.
Zhao’s estimated fortune now lies just below that of Oracle founder Larry Ellison. The rise of the Chinese-Canadian entrepreneur marks the rapid creation of wealth in the rapidly expanding world of digital currencies. A Binance spokesperson told CNN Business that “CZ intends to give away most of its assets, even 99 percent of its assets, like other entrepreneurs and founders.”
Zhao now gives tough competition to business moguls like Mark Zuckerberg and Google founders Larry Page and Sergey Brin. In this regard, it should also be noted that Bloomberg’s estimates do not take into account all of Zhao’s wealth, a move that could significantly increase his position in the index. According to reports, Zhao’s personal crypto holdings are estimated to be between $28 to 39 billion. In addition, we should also note that according to a Bloomberg analysis on the trading and fees of the company, their brainchild Binance last year generated at least $20 billion in revenue. The company is accountable for high and low value crypto transactions, making it the world’s largest exchange despite facing scrutiny.
Zhao isn’t the only person building the foundation for cryptocurrency’s glory. Last year, other crypto founders also enjoyed huge increases in the value of virtual coins, with both Ethereum creator Vitalik Buterin and Coinbase founder Brian Armstrong becoming billionaires.
Sam Bankman-Fried, the CEO of FTX, another Binance-backed cryptocurrency exchange, on Tuesday pointed to “unprecedented wealth creation in the industry over the past few years,” according to a CNN report.
(With inputs from IANS)
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