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(CNN) – A cryptocurrency CEO has become one of the richest people on the planet.
Changpeng “CZ” Zhao, who runs the Binance crypto exchange, has joined the ranks of the world’s top billionaires, with an estimated net worth of at least $ 96 billion, according to new calculations from the Bloomberg Billionaires Index released on Monday.
Zhao’s projected fortune now rivals that of Oracle founder Larry Ellison and surpasses that of Mukesh Ambani, the Indian tycoon whose fortune has also skyrocketed in the past two years.
The rise of the Chinese-Canadian entrepreneur is emblematic of the rapid creation of wealth in the rapidly evolving world of digital currencies.
Last year, other crypto founders also enjoyed huge gains as the value of virtual coins rose, with Ethereum creator Vitalik Buterin and Coinbase founder Brian Armstrong both becoming billionaires.
Sam Bankman-Fried, CEO of FTX, another cryptocurrency exchange backed by Binance, pointed out on Tuesday an “unprecedented amount of wealth creation that has occurred in the industry over the past few years.”
“I think there are a lot of people trying to figure out what to do with it [that]”said Friedman, who is a young billionaire himself, during a virtual on-stage chat at the Asian Financial Forum in Hong Kong.
In a Twitter post on Monday, Zhao also appeared to recognize the distinction.
“Don’t worry about the rankings. Focus on how many people you can help, ”he wrote.
Zhao continued in another tweet on Tuesday, stating, “Unpopular opinion: instead of rankings of wealth, there should be rankings of charity and philanthropy efforts.”
A Binance spokesperson told CNN Business that “CZ intends to give up most of its wealth, even 99% of its wealth, just like the other entrepreneurs and founders.”
In recent years, other famous business leaders, such as Facebook CEO Mark Zuckerberg, have signed up to the Giving Pledge, an initiative launched by Warren Buffett and Bill and Melinda Gates to encourage the world’s richest to donate. most of their fortune goes to charity.
Zhao launched Binance in 2017, gradually transforming it into one of the largest crypto exchanges in the world.
According to a company blog post, the executive grew up in an immigrant family in Canada and previously worked at McDonald’s to help support his household.
After studying computer science at McGill University, he worked on trading software for the Tokyo Stock Exchange and Bloomberg.
“He then discovered bitcoin in 2013 while playing poker, after which he decided to go all out in crypto and devote his life to it,” Binance said. “He even sold his apartment to buy bitcoin. “
Like other exchanges, Binance has faced significant regulatory hurdles around the world in recent months, including a ban in the UK and other restrictions in countries like Canada.
Zhao has publicly addressed the setbacks, writing in an open letter last year that “clear regulations are essential for continued growth.”
“More regulations are, in fact, positive signs that an industry is maturing,” he added. “Because it lays the groundwork for a wider population to feel secure in participating in crypto.”
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