Binance Founder Changpeng Zhao becomes one of the Richest men in the World

Binance head, Changpeng Zhao, is currently one of the world’s top billionaires with an estimated net worth of $96 billion. The figure was recently reported by Bloomberg in their “Bloomberg Billionaires Index” published last Monday.

Zhao’s projected wealth is close to that of Oracle founder Larry Ellison and has surpassed Indian tycoon Mukesh Ambani. Changpengs recent successes and ascent can be closely linked to the rapid creation of wealth in the world of digital currency.

Last year, crypto founders saw large gains as virtual coin values soared, with Ethereum creator Vitalik Buterin and Coinbase founder Brian Armstrong both becoming billionaires.

“I think that there’s a lot of people who are trying to figure out what to do with [that],” Friedman, who himself is a young billionaire, said during a virtual onstage discussion at the Asian Financial Forum in Hong Kong.

Zhao posted on social media last Monday, where he seemingly acknowledged the achievement. “Don’t worry about rankings. Focus on how many people you can help,” he wrote.

His rise mainly comes from his crypto exchange company, Binance, which was established in 2017. The exchange then quickly became one of the world’s largest crypto sites in terms of users and trade volume.

According to the Binance site, Zhao “learned about bitcoin in 2013 during a game of poker, 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.”
Binance, much like other exchanges, faced regulatory hurdles in the past few months as crypto becomes more mainstream in financial institutions and daily life.

Zhao addressed these setbacks in an open letter and stated that “clear regulations are critical for continued growth.”

“More regulations are, in fact, positive signs that an industry is maturing,” he added.

“Because this sets the foundation for a broader population to feel safe to participate in crypto.”

Source: CNN Philippines