The founder of Binance, Changpeng Zhao, has just become the richest man in China with a net worth of US$90 billion (about HK$701.2 billion). This news comes as Binance continues to grow at a staggering rate, with the company now boasting over 28 million users.
The 44-year-old entrepreneur has had a remarkable journey, starting from humble beginnings as a coder working for Bloomberg. Changpeng Zhao, also known as “CZ,” was born in Jiangsu, China, and his family emigrated to Vancouver, Canada. Changpeng learned about Bitcoin from a friend of a venture capitalist who was involved in the business in 2013, and he began studying cryptocurrency. He sold his Shanghai home for $600 in 2014 and invested the money into bitcoin. Binance debuted in September 2017.
According to “Forbes,” Changpeng Zhao owns 30% of Binance and is worth US$90 billion (about HK$701.2 billion). Zhong Suisuan, the creator of China’s richest man Nongfu Spring, is worth US$73.7 billion (roughly HK$574.2 billion), but he has been surpassed by Zhao Changpeng and lost his position as the country’s wealthiest Chinese. However, due to Hong Kong’s stock market turmoil, Zhong Suisui’ s net worth has been influenced by the stock price of Nongfu Spring, which has tumbled by US$4.5 billion thus far.
Speculation in cryptocurrency has remained a popular pastime. Since its founding four years ago, Binance has grown to be the world’s largest cryptocurrency exchange, with a trading volume of $30 billion per day. According to sources familiar with the situation, if the currency maintains its current level of transactions, the firm’s value will top 300 billion dollars.
In an interview published on November 16, 2021, Zhao said he plans to donate up to 99% of his wealth, with the intention to follow the feet of other magnates. “I intend to donate most of my wealth, as many other entrepreneurs or founders have done. From Rockefeller [late American business tycoon John D. Rockefeller] to today. I intend to donate 90%, 95% or 99% of my wealth.”