Skip to main content
https://www.highperformancecpmgate.com/rgeesizw1?key=a9d7b2ab045c91688419e8e18a006621

Crypto CEO becomes one of the world's richest billionaires


"Zhao Changpeng has become the world's biggest cryptocurrency billionaire(Image: Bloomberg via Getty Images)
A cryptocurrency CEO has become one of the richest people on the planet.

Changpeng "CZ" Zhao, who manages the Binance cryptocurrency exchange, has joined the ranks of the world's top billionaires, with an estimated net worth of at least $96 billion, according to new calculations from the Bloomberg Billionaires Index published Monday. 

Zhao's predicted fortune now rivals that of Oracle founder (ORCL)  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 Canadian-Chinese entrepreneur is emblematic of the rapid creation of wealth in the rapidly evolving world of digital currencies. 

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

Sam Bankman-Fried, CEO of FTX, another cryptocurrency exchange  backed by Binance, said on Tuesday  "unprecedented  wealth creation  in the industry in recent years." 

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

On Twitter Monday, Zhao also appeared to acknowledge  the  distinction "Don't worry about the ranking.

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

A Binance spokesperson told CNN Business that “CZ intends to give up most of its wealth, even 99% of its wealth, along with other entrepreneurs and founders. 

In recent years, others Famous business leaders, such as Facebook CEO (FB)  Mark Zuckerberg,  signed the Giving Pledge, an initiative started by Warren Buffett, Bill and Melinda Gates to encourage the world's richest to donate the majority of their fortune to charity. 

Zhao launched Binance in 2017, gradually turning it into one of the  largest cryptocurrency exchanges. 

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, “Unpopular Opinion: Instead of rankings of wealth, there should be a ranking of charitable and philanthropic efforts.

"He then 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."

Like other exchanges, Binance has faced significant regulatory hurdles around the world in recent months, including a ban in the United Kingdom and other restrictions in countries including Canada.

Zhao has publicly addressed the setbacks, writing in an open letter last year 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.

"He then 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."

Like other exchanges, Binance has faced significant regulatory hurdles around the world in recent months, including a ban in the United Kingdom and other restrictions in countries including Canada.

Zhao has publicly addressed the setbacks, writing in an open letter last year 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."

Comments

Post a Comment

Popular posts from this blog

Uber co-founder Garrett Camp steps back from board director role

Uber co-founder Garrett Camp is relinquishing his role as a board director and switching to board observer — where he says he’ll focus on product strategy for the ride hailing giant. Camp made the announcement in a short Medium post in which he writes of his decade at Uber: “I’ve learned a lot, and realized that I’m most helpful when focused on product strategy & design, and this is where I’d like to focus going forward.” “I will continue to work with Dara [Khosrowshahi, Uber CEO] and the product and technology leadership teams to brainstorm new ideas, iterate on plans and designs, and continue to innovate at scale,” he adds. “We have a strong and diverse team in place, and I’m confident everyone will navigate well during these turbulent times.” The Canadian billionaire entrepreneur signs off by saying he’s looking forward to helping Uber “brainstorm the next big idea”. Camp hasn’t been short of ideas over his career in tech. He’s the co-founder of the web 2.0 recommendatio...
Post a Comment
Read more

Drone crash near kids leads Swiss Post and Matternet to suspend autonomous deliveries

A serious crash by a delivery drone in Switzerland have grounded the fleet and put a partnership on ice. Within a stone’s throw of a school, the incident raised grim possibilities for the possibilities of catastrophic failure of payload-bearing autonomous aerial vehicles. The drones were operated by Matternet as part of a partnership with the Swiss Post (i.e. the postal service), which was using the craft to dispatch lab samples from one medical center for priority cases. As far as potential applications of drone delivery, it’s a home run — but twice now the craft have crashed, first with a soft landing and the second time a very hard one. The first incident, in January, was the result of a GPS hardware error; the drone entered a planned failback state and deployed its emergency parachute, falling slowly to the ground. Measures were taken to improve the GPS systems. The second failure in May, however, led to the drone attempting to deploy its parachute again, only to sever the line...
Post a Comment
Read more

How the world’s largest cannabis dispensary avoids social media restrictions

Planet 13 is the world’s largest cannabis dispensary. Located in Las Vegas, blocks off the Strip, the facility is the size of a small Walmart. By design, it’s hard to miss. Planet 13 is upending the dispensary model. It’s big, loud and visitors are encouraged to photograph everything. As part of the cannabis industry, Planet 13 is heavily restricted on the type of content it can publish on Instagram, Facebook and other social media platforms. It’s not allowed to post pictures of buds or vapes on some sites. It can’t talk about pricing or product selection on others.   View this post on Instagram   A post shared by Morgan Celeste SF Blogger (@bayareabeautyblogger) on Jan 25, 2020 at 7:54pm PST Instead, Planet 13 encourages its thousands of visitors to take photos and videos. Starting with the entrance, the facility is full of surprises tailored for the ‘gram. As a business, Planet 13’s social media content is heavily restricted a...
3 comments
Read more