Changpeng Zhao has become an unlikely entrant in the list of Bloomberg Billionaires Index. He recently surpassed Mukesh Ambani to become Asia’s wealthiest entrepreneur. Zhao is now closer to overtaking Mark Zuckerberg and Larry Page & Sergey Brin.
His journey into the world of Crypto began at a friendly poker game where he was introduced to the concept of digital currency. He studied Cryptocurrency, found it interesting, and then went all-in with Bitcoin by selling his apartment.
Years later, he has made it into the list of Bloomberg Billionaires Index.
Changpeng Zhao – The King
According to Bloomberg Billionaires Index, the net worth of Changpeng Zhao stands at around $96 billion. This excludes his personal holdings of Bitcoin and Binance Coin, which surged roughly by 1,300% last year.
The journey into the world of Cryptocurrency started with many setbacks, but he now holds the topmost position in a prestigious list. Zhao even hosts royals of the United Arab Emirates.
To be precise, his net worth is $95.8 billion. He is followed by Satoshi, Sam Bankman-Fried, and Brian Armstrong with a net worth of $45.8 billion, $15.4 billion, and 8.9 billion respectively.
Changpeng Zhao has become a known face in the United Arab Emirates, but it was not an easy journey. As dramatic as it may sound, he was merely 12 years young when he moved to Vancouver with his family after his father was exiled under the light of the Cultural Revolution.
He was always interested in technology. He took up a course in computer science and then landed a job in Finance. His jobs were first in New York and Tokyo.
The initial investment in Cryptocurrency was pitched for 10% of his total net worth. He got hooked and ended up owning a large portion of the investment. Everything now seems to be paying off for good.
Binance – A Pool Of Opportunities
Founded in 2017, Binance now carries an image of being the powerhouse of Cryptocurrency. The firm is yet to establish an official headquarters.
It has been rightly tagged as a pool of opportunities as it enables traders to deal with more than 350 coins on its international exchange. Additionally, users can access the Derivatives market to speculate the future value.
Binance has created history by becoming the largest provider of derivatives trading in terms of volume. It also holds a larger share when it comes to Spot trading. Both combined hold a total value of $106 billion.
In terms of Spot, Binance transacted nearly $26 billion and $80 billion in terms of Derivatives. The firm is followed by OKEx that holds a value of $9 billion in Spot and $24 billion in Derivatives.
Chris Brendler, an analyst at DA Davidson & Co, has called Binance significantly bigger than Coinbase.
Changpeng Zhao, in one of his public appearances, made it official that Binance transacts nearly $40 billion on a slower day, with $170 billion being an actual value in just the last 24 hours.
It is rare for a Crypto entrepreneur to appear on the list of globally wealthy business people. Chengpeng Zhao has a scripted history with his appearance. He has succeeded in making Binance a top destination for Crypto traders and coin developers.
Read reviews of Binance for detailed insights into the exchange.