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Who is Changpeng Zhao (CZ)? CZ’s fortune everyone wants

Changpeng Zhao, CEO of Binance, is the richest crypto billionaire in the world with a fortune comparable to other tech billionaires like Elon Musk, Jeff Bezos, Bill Gates or Mark Zuckerberg.

Who is Changpeng Zhao?

Changpeng Zhao also known as CZ, is the founder and CEO of Binance, the world’s largest cryptocurrency exchange. He is considered one of the most influential people in the blockchain and cryptocurrency community.

Biography and Life of Changpeng Zhao

Biography of Changpeng Zhao Before Bitcoin

CZ was born on September 10, 1977 in Jiangsu province, China into an intellectual family with both parents being teachers. Due to the impact of the Great Cultural Revolution, in the late 1980s, he and his family were forced to leave China and move to Vancouver, Canada.

In Canada, CZ has to go to school and work part-time after school to help support the family. It is known that around this time, he worked part-time at a McDonald’s and worked the night shift at a gas station. After completing high school, Changpeng Zhao moved to Montréal to major in computer science at McGill University.

After graduating from university, Changpeng Zhao went to Tokyo to work for a company developing software for the Tokyo Stock Exchange. In 2001, he moved to New York and joined Bloomberg, becoming responsible for developing software systems for futures trading.

In 2005, Changpeng Zhao quit his job at Bloomberg and moved back to Shanghai to start a project called Fusion Systems, some high-frequency trading tools for brokers.

Biography of Changpeng Zhao Before Bitcoin.
Biography of Changpeng Zhao Before Bitcoin.

Changpeng Zhao first heard about Bitcoin

In 2013, Changpeng Zhao was introduced to Bitcoin by a friend of his while playing poker. Since then CZ was immediately interested in Bitcoin and began to spend a lot of his time researching the coin. In December 2013, Zhao decided to part ways with Fusion Systems after 8 years to move to London, officially joining the crypto industry. Thanks to that, CZ had the opportunity to contact the famous cryptocurrency investor Roger Ver, who introduced him to Blockchain.info. Around the same time, he sold his Shanghai home to invest in Bitcoin.

Not long after, in 2014, he left Blockchain.info and joined OKCoin, the largest Bitcoin exchange in China at the time, as the Chief Technology Officer (CTO). However, a year later, he also left the exchange when the management rejected his business expansion ideas.

CZ joined OKCoin, the largest Bitcoin exchange in China in 2014
CZ joined OKCoin, the largest Bitcoin exchange in China in 2014

The Birth of Binance

In 2017

In 2017, most cryptocurrency exchanges were quite difficult to use, slow processing speed, no customer support, while Bitcoin was increasing in price and investors came to the market. crypto more and more. From the above inadequacies, CZ has created a new exchange with a simple interface, low transaction fees, cross-platform support and a full focus on customer experience called Binance.

Until July 2017, when ICO was the trend of the market that year. Changpeng Zhao launched the Binance ICO and successfully raised US$15 million with around 200 million BNB tokens sold.

2018 so far

With its valuable experience in many years of experience in business, technology and blockchain, within just 6 months, Binance has become the largest cryptocurrency trading platform in the world. After many relocations, on March 26, 2018, Binance officially had its headquarters in Malta. So far, Binance has offices in almost every country in the world.

By the end of 2021, Binance has listed more than 350 different cryptocurrencies with nearly 1500 corresponding trading pairs, more than 28.6 million users worldwide with a trading volume of up to 7.7 trillion U.S. dollar. The estimated revenue of Binance in 2021 is 20 billion USD which is 4 times higher than 2020. In addition to the features of a regular exchange, Binance has also developed many new features such as Binance Earn, Binance Pay, Binance P2P, Launchpad… Especially BNB Chain and Binance NFT to attract more users and expand their ecosystem.

CZ is on the list of top billionaires of Forbes
CZ is on the list of top billionaires of Forbes

Changpeng Zhao’s huge fortune

As of January 2022, the Bloomberg Billionaires Index shows that CZ’s net worth is now $96 billion, making it the richest person in China and 11th in the world. This fortune can be larger than that if you take into account the number of cryptocurrencies this billionaire owns including Bitcoin and Binance Coin (BNB).

CZ has a net worth of 96 billion USD, becoming the richest person in China and 11th in the world
CZ has a net worth of 96 billion USD, becoming the richest person in China and 11th in the world

A few days later, CZ shared his views on Twitter on the topic:

Don’t care about rank. Focus on how many people you can help.” “Instead of ranking wealth, there should be a ranking to honor philanthropists,” he added.

CZ: "Don't care about rank. Focus on how many people you can help"
CZ: “Don’t care about rank. Focus on how many people you can help

The CEO of Binance also once shared his intention to give away most of his assets, even 99% of his assets to donate and support charity activities like entrepreneurs and other founders.

Changpeng Zhao’s beautiful sayings

Not only is a successful businessman, Changpeng Zhao is also an inspiration to generations of investors with great and meaningful sayings such as:

  • “If you work hard enough, you won’t hear any noise.”
  • “Don’t play a game where they can change the rules when you’re about to win. Just leave quietly and let them play on their own.”
  • “Don’t try to accumulate wealth with unlimited supply. It’s a game you’ll never win. Only the publisher is the winner.”
  • “If the market doesn’t get rid of the underdogs, it won’t have a solid foundation for further growth.”
  • “Don’t let short-term emotions affect your life. Look at the long-term technology trends, crypto is going to be everywhere.”
  • “Don’t buy a coin because someone (especially famous people) said something. Only buy coins you like when you have learned it yourself.”
  • “If you don’t know why you bought a coin, you can’t afford to hold it.”
  • “Whether the market is bullish or bearish, stay calm and hold your position. Manage your risk or lose out on next month’s rent.”

Summary

Hopefully through this article, you will have more information about the life and path to crypto of Binance CEO – Changpeng Zhao. Besides familiar whales in the crypto industry like Elon Musk, Sam Bankman-Fried, Michael Saylor… we can’t help but mention CZ. He has contributed to promoting the continuous development of blockchain and attracted more new investors to this market through the Binance exchange, the BNB Chain platform… CZ is also an optimist. future of the cryptocurrency market and inspire the community through valuable investment sayings and lessons.