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Wednesday, November 29, 2023

This CEO and founder of a cryptocurrency just recently surpassed the $1 billion mark in wealth.


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According to recent reports on Monday, Changpeng “CZ” Zhao, the creator of Binance, a cryptocurrency exchange platform with the greatest daily trading volume of crypto coins, has crossed the $96 billion mark in net worth, making him one of the world’s richest people.

Forbes predicts that by 2020, Binance’s overall trading volume would reach $2 trillion.

Zhao’s current net worth gain places him just behind Steve Ballmer, owner of the Los Angeles Clippers and former CEO of Microsoft, and Oracle founder Larry Ellison, whose net worth is estimated at $112 billion.

Zhao’s true net worth may be significantly larger than estimated, according to Bloomberg, because earnings from his crypto investments and holdings are not taken into account.

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Despite the fact that Zhao founded Binance in China, the country currently forbids it due to regulations that forbid cryptocurrency mining and trading.

Regarding Zhao’s personal worth and the company’s valuation, Binance told Bloomberg that “Crypto is still in its early phases.” It is significantly more susceptible to higher levels of volatility. No two numbers that you hear one day will ever be the same the next.

Getting a firm, 100 percent precise number and valuation estimate is quite difficult due to the constantly shifting nature of digital currencies, especially with the addition of NFTs and the increasing excitement and buying/selling of them.

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“I never think of someone as a rival.” Zhao stated in an interview with The New York Times in July of last year, “If I have that perspective, everyone is my opponent, including those in completely different businesses.” The majority of things in this world, in my opinion, do not have finite resources since I have an abundant attitude. One of them is not money. Business opportunities are not. And the cryptocurrency sector is not either.

Although Binance does not at all disclose its earnings or financial situation, it is anticipated that the exchange system would handle around $170 billion in trading activity every day.

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