Changpeng Zhao, a former McDonald’s employee and the CEO of Binance, the world’s largest cryptocurrency exchange, is the world’s richest crypto billionaire. His net worth is comparable with that of tech titans like Elon Musk, Jeff Bezos and Bill Gates.
Value of Binance CEO: $96 billion
According to a recent report by Bloomberg, Binance CEO, Changpeng Zhao’s net worth is $96 billion. Zhao’s riches might be even bigger, given the wealth estimate excludes his personal crypto assets, which include Bitcoin and his company’s own token. Binance Coin (also known as BNB) saw a nearly 1,300% increase in value last year.
BNB/USD increased by over 1,300% during the past year. TradingView
BNB’s price soared faster than Bitcoin (which increased by 63%) and Ethereum (4220%). BNB hit a record high of $675 last May, before plummeting to $261 at the end of June.
Larry Ellison from Oracle was the 10th richest man on this list. He had a networth of $107 billion. Gautam Adani (Adani Group) had a networth of $78.6 trillion. Binance was only founded four and a quarter years ago. When compared to other legacy enterprises created decades ago, it’s a young company.
The Crypto Richest. Bloomberg
Forbes estimated Zhao’s net worth was projected to be $1.9 billion in August 2021. However, Hurun Global Rich List 2021 estimates Zhao’s fortune was $8 billion, up 208% over the previous year. FTX founder Sam BankmanFried was ranked 128th in the Bloomberg Billionaires Index, with a net worth $15.4 billion. Coinbase CEO Brian Armstrong was ranked 279th and had a fortune of $8.9 billion.
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Binance: The World’s Largest Crypto Giant
The company was expelled from China but regulators are still investigating. US Department of Justice (IRS) are currently investigating whether Binance Holdings Ltd. is being used for tax evasion and money laundering.
Binance, the biggest cryptocurrency exchange worldwide, has daily volume of cryptocurrency trades exceeding $100 billion. This figure will increase to more than 100 Billion on most days by 2021. Binance has the most cryptocurrency exchanges in both futures and spot markets.
CZ’s continued attempts to get operational licenses in various jurisdictions across the world is indicative of the firm’s success. Binance is a pioneer in crypto trading and continues to work with new businesses despite regulatory hurdles.
Binance’s 2021 revenue was $20 billion, more than the Coinbase $5 billion. Binance has multiple whale accounts that buy Bitcoin on a regular basis, in addition to CZ’s personal crypto holdings.
Bloomberg reports that Binance is looking to relocate to the UAE or Singapore. Binance’s CEO, Michael Binance has visited royalty in Abu Dhabi and hosted meals at the Burj Khalifa. Bloomberg claims that Binance CEO, Abu Dhabi’s UAE royal family, is keen to bring Binance as the country develops its own cryptocurrency zone.
Swipe was a highly-respected provider of crypto Visa cards with more than 70 million locations around the world, which has just been purchased by crypto exchange.
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Featured image: Shutter shock Charts from Bloomberg and TradingView| Charts by Bloomberg, and TradingView