Changpeng “CZ” Zhao, who operates the crypto exchange Binance, has joined the ranks of the world’s best billionaires, with an estimated net worth of at least $ 96 billion, according to new calculations from the Bloomberg Billionaires Index published on Monday.
Zhao’s estimated fortune now competes with Oracle (ORCL) founds Larry Ellison and surpasses Mukesh Ambani, the Indian tycoon whose fortune has also risen over the past two years.
The rise of the Sino-Canadian entrepreneur is emblematic of the rapid creation of wealth in the fast-moving world of digital currencies.
Sam Bankman-Fried, CEO of FTX, another cryptocurrency exchange supported by Binance, on Tuesday pointed to a “unique amount of value creation that has taken place in the industry in recent years.”
“I think a lot of people are trying to figure out what to do with it [that]”, said Friedman, himself a young billionaire, during a virtual discussion on stage at the Asian Financial Forum in Hong Kong.
In a
mail on Twitter on Monday, it appeared that Zhao also acknowledged the divorce.
“Do not worry about rankings. Focus on how many people you can help,” he wrote.
Zhao launched Binance in 2017, and gradually built it up into one of the world’s largest crypto exchanges.
According to a blog post from the company, 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 in trading software for the Tokyo Stock Exchange and Bloomberg.
“He then learned about bitcoin in 2013 during a poker game, after which he decided to go all-in on crypto by dedicating his life to it,” according to 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 including Canada.
Zhao has publicly addressed the setbacks, and wrote in an open letter last year that “clear regulations are crucial for continued growth”.
“Several regulations are in fact positive signs that an industry is maturing,” he added. “Because this lays the foundation for a wider population to feel secure in participating in crypto.”
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