Changpeng Zhao is one of the iconic figures in cryptography. But how did he manage to amass so much wealth in such a short time? Here is the incredible story of CZ, founder of the Binance empire.
Every day, thousands of investors make (or lose) millions of dollars trading cryptocurrencies. Suffice it to say that the cryptocurrency market, with a market cap of over a trillion dollars, is full of earning opportunities.
Between 2021 and 2022, the number of crypto billionaires rose from 7 to 19, but the story of Changpeng Zhao, also known as “CZ,” is anything but ordinary. CZ is currently the CEO of Binance, the largest crypto exchange by trading volume.
But before finding fame in Dubai, the founder of Binance had humble beginnings in China.
Born in Jiangsu to a professor, CZ spent only a few years in China before flying to Canada with his family. His father, who was called a “pro-capitalist”, decided to leave the country in order to escape from the clutches of the Red Guard (supporters of the proletarian revolution).
Changpeng Zhao: From China to Canada to Dubai
When CZ immigrated to Canada with his parents, he was twelve years old. He spent his teenage years in Vancouver, meeting friends from all walks of life and cultures.
That is why CZ has had no trouble adapting to Dubai, the city where he settled in 2021. According to him, the cryptosphere is international and diverse, and Dubai is a true center of development and innovation that welcomes people from all walks of life. .
After graduating in computer science in Canada, Changpeng Zhao started developing market trading software. In the meantime, he completed an internship at the Tokyo Stock Exchange and then spent four years at global financial data giant Bloomberg.
While at Bloomberg, CZ developed a trading tool for Wall Street. The software was designed to help investors buy and sell asset trading contracts at a predetermined price.
He then founded his first company, Fusion Systems, which developed trading software for brokers.
Prior to launching Binance, Changpeng Zhao was associated with several crypto companies including Blockchain.com where he served as CTO. Also within this company, CZ became interested in bitcoin, the largest cryptocurrency in the world.
Although he came from the traditional financial industry, CZ fell in love with bitcoin, which is not limited by borders or intermediaries. According to him, Bitcoin solves many problems related to money, including supply, freedom of transactions and low fees.
Inspired by the principles of Bitcoin, CZ built Binance in less than eight months. Shortly after its launch in July 2017, the exchange introduced its own token, Binance Coin.
In April 2019, Binance’s valuation reached $4.5 billion, but the growth didn’t stop there.
With the green light from the United Arab Emirates, Binance has launched an expansion program in Abu Dhabi, further expanding its operations in the region.
Binance currently has about 120 million users. Nearly $50 billion is traded on the platform every day.
With an estimated net worth of $34.5 billion as of August 2022, Changpeng Zhao is currently ranked 35th on Bloomberg’s list of the world’s richest people. Almost the entire state of CZ is made up of cryptocurrencies.
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