A cryptocurrency CEO has become one of the wealthiest people worldwide.
Changpeng “CZ” Zhao, the founder of the cryptocurrency exchange Binance, has joined the ranks of the world’s top billionaires, according to new figures from the Bloomberg Billionaires Index published Monday. Zhao’s estimated net worth is at least $96 billion.
Zhao’s net worth has risen considerably in the last two years, approaching that of Oracle (ORCL) founder Larry Ellison and surpassing that of Mukesh Ambani, an Indian entrepreneur whose fortune has also risen dramatically.
The ascent of the Chinese-Canadian entrepreneur is emblematic of the swift manufacture of wealth in the fast-moving world of digital currency.
Last year, other crypto pioneers like as Vitalik Buterin, the creator of Ethereum, and Brian Armstrong, the founder of Coinbase, both became billionaires as the value of virtual currency increased.
On Tuesday, Sam Bankman-Fried, CEO of FTX, another Binance-backed cryptocurrency exchange, claimed a “exceptional amount of wealth creation” in the industry over the last few years.
“I think a lot of people are trying to figure out what to do with [it],” Friedman, a young millionaire, said during a virtual onstage talk at the Asian Financial Forum in Hong Kong.
In a message on Twitter on Monday, Zhao seemed to recognise the distinction.
“Don’t be concerned about your position in the rankings. Concentrate on how many individuals you can assist “he penned
“Unpopular opinion: instead of wealth rankings, there should be a ranking of charity and philanthropy efforts.” Zhao said in another tweet on Tuesday.
Others, like Facebook (FB) CEO Mark Zuckerberg, have recently signed the Giving Pledge, a campaign started by Warren Buffett and Bill and Melinda Gates to convince the world’s wealthiest to donate the majority of their fortunes to charity.
Zhao started Binance in 2017 and it has since evolved to become one of the top cryptocurrency exchanges in the world.
Last year, Zhao addressed the issues in a public letter, stressing that “clear regulations are vital for future growth.”
He went on to say, “More regulations are, in fact, positive signs that an industry is maturing,” “Because this sets the foundation for a broader population to feel safe to participate in crypto.”