Changpeng Zhao, CEO of Binance. Is he the richest man in China?

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Information about the ranking change of China’s richest man has recently sparked controversy. Changpeng Zhao, CEO of Binance recently became the richest man in China with a fortune of up to $90 billion. Is this the truth or not? Let’s take a look back at Changpeng Zhao’s journey to wealth, CEO of Binance

Changpeng Zhao, CEO of Binance. Is he the richest man in China?
Changpeng Zhao on Forbes magazine. Source: Forbes

From the basics

Zhao Changpeng was born in Jiangsu, Mainland China in 1977 and spent his childhood here. At the age of 12, he moved to Vancouver, Canada with his parents who were involved in the education industry. As a child, he worked as a McDonald’s employee and worked the night shift at gas stations.
After completing a computer science course at McGill University, Changpeng Zhao traveled to Tokyo and New York to enter the financial industry, developing an order system for the Tokyo Stock Exchange, and later developed develop software for trading futures contracts at Bloomberg’s Tradebook.

Start-up journey

Zhao Changpeng’s entrepreneurial journey began in 2005 when he resigned and moved to Shanghai to found Fuxun Information Co., which develops high-speed high-frequency trading systems for securities firms. share. In 2013, he first heard about Bitcoin in a poker game, and he was intrigued by the concept of decentralized currency.

Later, Changpeng Zhao joined the group of cryptocurrency wallet and became the third member of the group. During his 8 months in charge of product development on the platform, he established a good relationship with the famous “Bitcoin evangelists” Roger Ver and Ben Reeves. Since then, Changpeng Zhao has also turned to OKCoin, a fiat-to-crypto currency trading platform, as chief technology officer, but he has been serving less than a year.

During this period, Changpeng Zhao considered developing his own pure digital asset trading platform that did not involve legal tenders. Weir told him that without contact with financial institutions, the risk and regulatory complexity would be lower.

Binance was born

Therefore, Zhao Changpeng is determined to sell his Shanghai property and buy it all for $600/bitcoin. In July 2017, he caught up with the Bitcoin wave and joined the team that created Binance.

When Binance was founded, trading in the cryptocurrency market was quite complicated, with few trading platforms, and extremely violent price fluctuations. But half a year after Binance was founded, its platform’s users grew to 6 million, and it immediately became the largest cryptocurrency exchange in the world and maintained its position as the industry leader to this day.

Changpeng Zhao has affirmed his vision here. He once said that when the company was first established, it did not require a bank account or headquarters. “This technology can be used to enhance the freedom of capital for people around the world.” Because of this, Changpeng Zhao has moved to many places, from Shanghai to Tokyo and once to Taiwan. At the time, he announced in a tweet that he would be recruiting a development and customer service team in Taiwan. In addition, Zhao Changpeng’s unique insights also attract a large number of fans, his initials, the account CZ, have attracted a total of 3.9 million followers on Twitter.

Binance is valued at 300 billion USD, CZ becomes the richest person of Chinese origin

Binance is only 4 years old and has quickly become the largest cryptocurrency exchange in the world, with 3,000 employees spread across all continents and a daily trading volume of $76 billion, which is more than 4 years old. current biggest competitors combined.

Changpeng Zhao, CEO of Binance. Is he the richest man in China?
Top 5 richest people in China.
Source: Weibo

According to some confidential sources from insiders, with the current trading size, Binance’s valuation will reach 300 billion USD. Currently, Binance’s monthly spot trading volume has topped 15 consecutive months, and the rapid increase in trade size

CZ controls the majority of the equity of Binance. Forbes data shows that the founder owns 30% of the shares of the platform. According to this calculation, CZ’s total assets have now reached 90 billion USD, which means he has become the richest Chinese person and ranks in the top 10 richest people in the world. Even CZ’s assets are 35% higher than Zhong Suisui, who is (once) the richest man in China.

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