Changpeng Zhao Net Worth, Wiki, Bio, Binance

Changpeng Zhao.
Courtesy of Binance.com.

 

Who Is Changpeng Zhao? Wiki/Bio

Changpeng Zhao (also known as CZ) is a Chinese-Canadian entrepreneur and business executive. He is most known as the founder of the Binance cryptocurrency exchange platform.

Forbes writes that Zhao was born in Jiangsu, China.

Both of his parents were educators; his father, a professor, was labeled a “pro-bourgeois intellect” and temporarily exiled shortly after CZ was born. The family eventually emigrated to Vancouver, Canada, in the late 1980s. 

As a teenager, Zhao worked at McDonald’s and took overnight shifts at a gas station to cover household expenses.

Forbes adds that after studying computer science at McGill University in Montreal, Zhao spent time in Tokyo and New York. In Tokyo, he built a system for matching trade orders on the Tokyo Stock Exchange. He then worked at Bloomberg’s Tradebook, developing software for futures trading.

According to Zhao’s LinkedIn profile, he worked as Head of Tradebook Futures Development at Bloomberg from 2001 to 2005.

In 2005, Zhao moved to Shanghai to start Fusion Systems, “a company known for building some of the fastest high-frequency trading systems for brokers”. Zhao’s LinkedIn page states that he worked with Fusion Systems from November 2005 to December 2013.

In 2013, Zhao learned about Bitcoin for the first time from a venture capitalist he played poker with, according to Forbes.

Zhao soon joined Blockchain.info as the third member of the cryptocurrency wallet’s team. Serving as Head of Development for eight months, Zhao worked with well-known Bitcoin evangelists Roger Ver and Ben Reeves.

In June 2014, CoinDesk wrote that Zhao left his position at Blockchain to become Chief Technician Officer at OKCoin, China’s largest Bitcoin exchange.

Homepage of OKCoin - one of the companies Zhao has worked at.
OKCoin today. Courtesy of OKCoin.com.

 

Zhao commented on this decision as follows:

OKCoin is already the best bitcoin exchange in China, if not in the world. We plan to make OKCoin truly international. OKCoin has the best technology platform, safest security measures, and above all the best team.

We also have highest volume and liquidity, the fastest deposit and withdraw processing, and the best customer service. Our customer service is available 24×7, and most inquiries are resolved within minutes.

At the same time, Forbes writes that Zhao was considering launching his own “pure play digital asset exchange that would not touch fiat currencies”. Zhao’s desire to stay away from financial institutions was due to the risks and regulatory complications Roger Ver had warned him about.

This would lead Zhao to launch the Binance cryptocurrency exchange platform.

 

Binance Cryptocurrency Exchange

Homepage of Changpeng Zhao's Binance.
Courtesy of Binance.com.

 

Cointelegraph writes that Changpeng Zhao launched Binance in July 2017. According to CoinDesk, Binance completed its initial coin offering (ICO) of 200 million Binance Coins (BNB) on July 21, 2017, raising approximately $15 million within 20 days.

Forbes adds that the $15 million Zhao raised “caught Bitcoin’s breathtaking ascent perfectly”.

According to Forbes, within seven months, Binance achieved a capability of 1.4 million transactions per second, attracted 6 million users, and became the largest cryptocurrency exchange in the world. Zhao told Forbes:

No decentralized exchange today can handle our volume, and none are as secure as we are.

As of early 2019, Binance had $500 million in daily trading volume and claimed to have a 25% market share.

As of April 24, 2021, Binance was the largest cryptocurrency spot and derivatives exchanging platform in the world, with approximately $34.14 billion and $65.70 billion in 24-hour trading volumes respectively.

Binance was the largest crypto spot exchange as of this article's writing.
Top cryptocurrency spot exchanges. Courtesy of CoinMarketCap.com.

 

Binance was the largest crypto derivatives exchange as of this article's writing.
Top cryptocurrency derivative exchanges. Courtesy of CoinMarketCap.com.

 

Binance’s acquisition of CoinMarketCap in March-April 2020

On March 31, 2020, Roger Ver’s Bitcoin.com wrote that Binance was reportedly intending to acquire CoinMarketCap (CMC) for $400 million.

On April 2, 2020, CoinDesk stated that Binance had just bought CoinMarketCap. Zhao said in regard to the acquisition:

It’s a really good website and I think we can help grow it further.

He added that CMC’s domain would remain independent from Binance under a holding company, “perhaps staving off concerns over potential conflicts of interest”.

CoinDesk writes that industry veterans saw a future where CMC could serve as a marketing channel for Binance, but Zhao characterized the deal as a simple purchase of a cash-flow positive asset. Zhao said:

It’s by far the largest we have done so far.

Launch of Binance Card, Binance Cloud, and Binance Smart Chain in 2020

Cointelegraph writes that Binance launched its own cryptocurrency debit card in 2020. Called Binance Card, this debit card doesn’t charge any administrative or processing fees and offers up to 8% cashback on purchases.

Binance Card webpage.
Courtesy of Binance.com.

 

Binance launched Binance Cloud as well – a platform that allows entrepreneurs to create their own digital asset exchanges. Among other things, Binance Cloud allows users to implement spot trading, fiat trading, futures trading, quantitative trading, and perform KYC identity verification.

Homepage of Binance Cloud.
Courtesy of Binance.com.

 

Finally, Binance launched Binance Smart Chain (BSC). BSC is described as follows:

Binance Smart Chain (BSC) is best described as a blockchain that runs in parallel to the Binance Chain. Unlike Binance Chain, BSC boasts smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM). The design goal here was to leave the high throughput of Binance Chain intact while introducing smart contracts into its ecosystem.

Since its inception, the Binance Smart Chain (BSC) has grown at a rapid pace.

This- along with the rise in the market cap of the Binance Token (BNB) increasingly prompted speculation that “Binance could be the real ethereum killer” (as per bravenewcoin.com) and overtake ethereum in significance and/or market cap.

In this vein, in early April 2021, the popular BSC platform Pancakeswap saw more transactions in one day than the entire Ethereum ecosystem (as per coindesk.com).

 

Changpeng Zhao Net Worth

As of April 24, 2021, Changpeng Zhao’s net worth was $1.9 billion (according to his profile on Forbes).

In April 2021, Yahoo! Finance wrote with a reference to Bloomberg that Zhao doesn’t have any fiat holdings. Additionally, in a February 2021 tweet, Zhao said that he predominantly uses cryptocurrency to make payments and that he only converts to fiat when needed.

According to Forbes, CZ sold his Shanghai house in 2014 to go “all in on Bitcoin”. Zhao also didn’t own cars, yachts, or “fancy watches” at the time of the Forbes article’s publishing (February 7, 2018).

 

Changpeng Zhao Online Presence & Publicity

Changpeng Zhao is present on Twitter where he primarily advertises Binance and the Binance Token (BNB), and shares important news and trends in the crypto industry.

Cointelegraph included CZ in its “The Cointelegraph Top 100” list, which is a list of the top 100 notable people in blockchain in 2021. Zhao ranks #36 on the list.

Among other notable crypto entrepreneurs on the list are Hayden AdamsRaoul PalSergey Nazarov, Anthony Pompliano, and Scott Melker.

Zhao has been featured and interviewed by the likes of Cointelegraph, Coindesk, and Bloomberg as well.

 

 

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