CEO Changpeng Zhao is the world’s richest person in the crypto industry

NewsJanuary 10, 2022

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Every year, the Formula 1 race in Abu Dhabi attracts world-famous princes, movie stars, and athletes to party at Yas Island. Last month, the event added a new character – CEO Changpeng Zhao of Binane. Former McDonald’s employee and software engineer. Now he has become a billionaire $ at the age of 44.

With $96 billion, Changpeng Zhao is about to catch up with the richest tech tycoons, like Facebook CEO Mark Zuckerberg and Google co-founder Larry Page, Sergey Brin.

The richest person in the crypto industry

The Bloomberg Billionaires Index estimates Zhao now has around $96 billion — the largest of any crypto entrepreneur. This is the first time Bloomberg has estimated his fortune. This number will likely be much larger, as it does not include the amount of money he currently holds as an individual. This includes Bitcoin and Binance Coin – the digital currency issued by Binance and has grown by 1,300% over the past year.

Binance CEO is the world's richest person in the crypto industry
Crypto Billionaire Ranking from Bloomberg

As for the calculation, Bloomberg said it gives an estimate of the company’s value based on Binance’s revenue in 2021, specifically about $20 billion, coming from the exchange’s spot and derivatives fees based on volume transactions, but does not include Binance’s income streams from the margin lending, NFT and other businesses. Next, Mr. Changpeng Zhao is said to own 90% of the shares in Binance, leading to his final figure of $95.8 billion. Bloomberg notes that the Binance CEO may also hold other cryptocurrencies, making his net worth possibly much higher.

Binance CEO is the world's richest person in the crypto industry
Top crypto exchanges’ spot and derivatives fee revenue in 2021, Bloomberg estimates

Notably, Bloomberg’s statistics also include Satoshi Nakamoto, assuming the anonymous founder of Bitcoin is still holding the 1.1 million BTC he has mined since the early days of this coin. With the current value of Bitcoin, Satoshi is said to own up to 45.8 billion USD, making him second on the list of crypto billionaires.

Binance CEO is willing to give all his assets to charity

Before that, in October 2021, Forbes Magazine also published a list of the richest billionaires in the crypto industry, with the “champion” awarded to Mr. Sam Bankman-Fried with a fortune of $22.5 billion. , and by January 2022 has increased to 26.5 billion USD. However, Forbes’ statistics caused a lot of controversies when it did not mention Changpeng Zhao, but was limited to crypto entrepreneurs from the US.

In addition, the two statistics of Bloomberg and Forbes also recorded a significant difference, when Bloomberg said that the net worth of FTX CEO was only 15.4 billion USD, while the figure given by Forbes was higher a lot.

In an interview with AP news agency in November 2021, the CEO of Binance confirmed that he only holds Bitcoin (BTC) and Binance Coin (BNB), and stated that he is willing to use all of them all his assets to charity.

Mr. Changpeng Zhao also recently moved to Dubai (UAE) and has moved to promote cryptocurrency adoption with the authorities in this country, sparking many rumors that Binance will be located headquarters in Dubai. This is a move by the world’s largest cryptocurrency exchange to reassure global financial regulators after a year of Binance’s legal troubles in 2021.

Investiki.com

Read more: Binance

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