Crypto CEO becomes one of the richest billionaires in the world

12th January, 2022.      //   General Interest  // 

A cryptocurrency CEO has become one of the world’s wealthiest people.
According to new figures from the Bloomberg Billionaires Index published Monday, Changpeng “CZ” Zhao, who operates the crypto exchange Binance, has joined the ranks of the world’s top billionaires, with an estimated net worth of at least $96 billion. Zhao’s anticipated worth now surpasses that of Mukesh Ambani, the Indian entrepreneur whose fortune has also soared over the last two years, and rivals that of Oracle (ORCL) founder Larry Ellison. The rise of the Chinese-Canadian entrepreneur exemplifies the rapid accumulation of riches in the realm of digital currencies, which is rapidly changing.
With ethereum developer Vitalik Buterin and Coinbase founder Brian Armstrong both becoming billionaires last year, other crypto pioneers experienced enormous gains as the value of virtual coins rose. The CEO of FTX, another cryptocurrency exchange supported by Binance, Sam Bankman-Fried, cited a “exceptional amount of wealth creation” in the industry over the last several years on Tuesday.
Binance Chief Executive Officer Zhao Changpeng Interview
“I think that there’s a lot of individuals who are trying to figure out what to do with [it],” Friedman, who himself is a young billionaire, said during a virtual onstage conversation at the Asian Financial Forum in Hong Kong. Zhao appeared to recognise the distinction in a statement on Twitter on Monday.
He wrote, “Don’t worry about rankings; instead, focus on how many people you can aid.”
“Unpopular opinion: instead of wealth rankings, there should be a ranking of charity and philanthropy initiatives,” Zhao said in another tweet on Tuesday.
“CZ aims to give away most of his fortune, even 99 percent of his wealth, much like previous entrepreneurs and founders,” a Binance official told the business press. Similar to Warren Buffett’s and Bill and Melinda Gates’ Giving Pledge, several well-known business executives such as Facebook (FB) CEO Mark Zuckerberg have signed the pledge in recent years to encourage the world’s richest to devote the majority of their fortunes to charity. Binance was founded by Zhao in 2017 and has since grown to become one of the world’s largest cryptocurrency exchanges.
The businessman grew up in an immigrant family in Canada and previously worked at McDonald’s to help support his family, according to a company blog post. He worked on trading software for the Tokyo Stock Exchange and Bloomberg after studying computer science at McGill University. According to Binance, “he learnt about bitcoin in 2013 during a poker game, following which he decided to go all-in on crypto by committing his life to it.” “He even sold his house to pay for bitcoin.” Binance, like other exchanges, has faced considerable regulatory challenges in recent months around the world, including a ban in the United Kingdom and other restrictions in countries such as Canada and the United States.
The difficulties have been addressed publicly by Zhao in an open letter last year, who wrote that “clear regulations are crucial for future growth.”
His conclusion was that “more rules are actually evidence that an industry is developing.” “Because it lays the groundwork for a larger population to feel confident participating in cryptocurrency.”

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