Crypto CEO becomes one of the world’s richest billionaires

,Zhao Changpeng has become the world’s largest cryptocurrency billionaire (Image: Bloomberg via Getty Images)

The CEO of Cryptocurrency has become one of the richest people on earth.

Changpeng “CZ” Zhao, who manages the Binance cryptocurrency exchange, has joined the ranks of the world’s top billionaires with an estimated networth of at least $ 96 billion, according to new calculations in the Bloomberg Billionaires Index published on Monday.

Zhao’s predictable fortunes now rival that of Oracle founder (ORCL) Larry Ellison, leaving behind Indian businessman Mukesh Ambani, whose fortunes have skyrocketed in the last two years.

The rise of the Canadian-Chinese entrepreneur symbolizes the rapid creation of wealth in a rapidly evolving world of digital currencies.

Last year, the founders of other cryptocurrencies also saw huge gains as the value of the virtual coin increased, with both Ethereum creator Vitalik Buterin and Coinbase founder Brian Armstrong becoming billionaires.

Sam Banksman-Friday, CEO of FTX, another cryptocurrency exchange backed by Binance, said on Tuesday that “unprecedented wealth has been created in the industry in recent years.”

I think there are a lot of people out there trying to figure out what to do with it [that]Friedman, who is himself a young billionaire, said in a live chat on stage at the Asian Financial Forum in Hong Kong.

On Twitter on Monday, Zhao also appeared to acknowledge the difference: “Don’t worry about rankings.

“Focus on how many people you can help,” he wrote.

A Binance spokesperson told CNN Business: “CZ wants to give up most of its assets, including 99% of its assets, along with other entrepreneurs and founders.

In recent years, other prominent business leaders, such as Facebook CEO (FB) Mark Zuckerberg, have signed the Giving Pledge, which was started by Warren Buffett, Bill and Melinda Gates to encourage the world’s richest people to donate most of their wealth. .

Zhao launched Binance in 2017, gradually turning it into the largest cryptocurrency exchange.

According to a blog post on the company, the executive grew up in an immigrant family in Canada and previously worked at McDonald’s to support his family and Bloomberg.

Zhao continued in another tweet on Tuesday, saying, “Unpleasant opinion: There should be a ranking of charitable and philanthropic efforts, rather than a ranking of wealth.

“He then learned about Bitcoin during a game of poker in 2013, after which he decided to dedicate his life to crypto and go all-in on crypto,” said Binans. “He even sold his apartment to buy Bitcoin.”

Like other exchanges, Binance has faced significant regulatory hurdles worldwide in recent months, including sanctions in the United Kingdom and other sanctions in countries including Canada.

Addressing the shocks in public, Zhao wrote in an open letter last year that “clear rules are important for sustainable growth.”

“More rules, in fact, are positive signs that an industry is maturing,” he added. “Because this sets the foundation for a wider population to feel safe to participate in crypto.

“He then learned about Bitcoin during a game of poker in 2013, after which he decided to dedicate his life to crypto and go all-in on crypto,” said Binans. “He even sold his apartment to buy Bitcoin.”

Like other exchanges, Binance has faced significant regulatory hurdles worldwide in recent months, including sanctions in the United Kingdom and other sanctions in countries including Canada.

Addressing the shocks in public, Zhao wrote in an open letter last year that “clear rules are important for sustainable growth.”

“More rules, in fact, are positive signs that an industry is maturing,” he added. “Because this lays the foundation for a wider population to feel safe to participate in crypto.”

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