Thanks to the crypto boom! Binance CEO Changpeng Zhao became Asia’s Richest Person

Globally, people are making a lot from cryptocurrencies as far as investment or trading is concerned. Some have become rich, and on the other hand, some have become poor.

However, you can’t ignore the popularity cryptocurrencies are gaining today. A cryptocurrency exchange plays a vital role in assessing the complete ecosystem of the crypto, and the name that dominates the list is Binance.

World’s Largest Cryptocurrency Exchange 

Binance is the world’s largest cryptocurrency exchange platform in terms of the daily trading volume. As per statistics, it had generated revenue of $20 billion in 2021.

History and foundation of Binance

In 2017, Binance was founded by Changpeng Zhao, also known as CZ. It was previously based in China but later moved its headquarters to the Cayman Islands.

In his early, Zhao used to develop software for trading Futures, and he also worked as an employee in the fast-food chain McDonald’s.

He was fond of playing poker games, and while playing poker in Shanghai in 2013, he came to know about Bitcoin. Spellbound by the idea of a decentralized currency, he sold his Shanghai flat and started working for many crypto startups.

After devoting his studies to Bitcoin, Zhao launched Binance, a crypto exchange that focused mainly on trading Bitcoin and numerous derivatives.

Cryptocurrencies

Binance has launched two cryptocurrencies which the company developed on its own:

• Binance-Coin (BNB) launched in June 2017.
• Binance Smart Chain (BSC) launched in September 2020.

The previously launched Binance Coin (BNB) in 2021 stood the third highest market capitalization of $1.3 billion.

The trading volume of Binance

As of January 11th, a 24- hour trading volume of Binance is $19.75 billion.

Bloomberg Billionaires Report

Binance founder and CEO Changpeng Zhao topped the world’s richest crypto billionaires list. He ranked the world’s 11th richest person with a net worth of $96 billion, leaving behind Indian billionaire Mukesh Ambani.

This estimate puts Zhao in the race of tech magnates like Elon Musk, Jeff Bezos, Bill Gates, Mark Zuckerberg, Larry Ellison and many others.

Business tycoon Mukesh Ambani owns India’s largest private sector company “Reliance”. His net worth is estimated to be $92.9 billion and ranked 12th on the report by Bloomberg.

Further projections added to the report

Zhao’s fortune could be much higher than Bloomberg’s estimate. His private crypto holdings include Bitcoin, and his own firm’s token Binance coin has not been taken into account.

If Zhao’s private fortune were calculated, his net worth could have been as much as Bill Gates. Bill Gates is currently the fourth richest person globally with a net worth of $134 billion.

Zhao owns 90% of shares in Binance. The report is as per the number of stakes he holds in his company.

Reaction to the report by Bloomberg

Though Zhao made no comments to Bloomberg and Binance disputed the accuracy of the estimation.

Read More: How WazirX became India’s Biggest Trading Platform