Changpeng “CZ” Zhao, who operates the Binance crypto exchange, has joined the ranks of the world’s best billionaires, according to new calculations by the Bloomberg Billionaires Index published on Monday, with an estimated net worth of at least $ 96 billion oracle ( Founder Larry Ellison and surpasses that of Mukesh Ambani, the Indian tycoon whose fortune has also skyrocketed in the past two years. )
The rise of the Chinese-Canadian entrepreneur symbolizes the rapid accumulation of wealth in the fast-moving world of digital currencies.
Sam Bankman-Fried, CEO of FTX, another cryptocurrency exchange supported by Binance, pointed out Tuesday that there has been “unprecedented wealth accumulation in the industry in recent years” that are trying to figure out what to do with it [that]“Friedman, who is a young billionaire himself, said during a virtual discussion on the stage of the Asian Financial Forum in Hong Kong. In a post on Twitter, Zhao also seemed to recognize the award.
“Don’t worry about rankings. Focus on how many people you can help, ”he wrote.
Zhao followed in another tweet on Tuesday, saying, “Unpopular opinion: instead of wealth rankings, there should be a ranking of charity and philanthropy efforts.”
A Binance spokesman told CNN Business that “CZ intends to give away most of its assets, as much as 99% of its assets, just like other entrepreneurs and founders.”
In recent years, other famous business leaders such as Facebook ( CEO Mark Zuckerberg has signed the Giving Pledge, an initiative by Warren Buffett and Bill and Melinda Gates to encourage the world’s richest to donate the majority of their wealth to charity. )
Zhao launched Binance in 2017 and gradually built it into one of the world’s largest crypto exchanges.
According to a company blog post, the manager grew up in an immigrant family in Canada and previously worked at McDonald’s to help support his household.
After studying computer science at McGill University, he worked on trading software for the Tokyo Stock Exchange and Bloomberg.
“Then he found out about Bitcoin in 2013 while playing poker and decided to go all-in at crypto by dedicating his life to it,” said Binance. “He even sold his apartment to buy Bitcoin.”
Like other exchanges, Binance has faced significant regulatory hurdles around the world in recent months, including a ban in the UK and other restrictions in countries like Canada. Zhao publicly addressed the setbacks and wrote in an open letter last year that “clear rules are critical to further growth”.
“More regulation is indeed a positive sign that an industry is maturing,” he added. “Because this lays the foundation for a wider population to feel safe to participate in crypto.”