Crypto CEO and Founder Just Became One of the World’s Richest Billionaires

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Watch out Musk and Bezos – there’s another new billionaire coming to the throne.

Bloomberg | Getty Images

Binance founder Changpeng “CZ” Zhao, whose company is a cryptocurrency exchange that handles the largest volume of daily cryptocurrency transactions, joined the ranks of the world’s top billionaires after that his net worth reached an impressive $ 96 billion, according to new reports on Monday.

According to Forbes, Binance reached an impressive $ 2 trillion trading volume in 2020.

Zhao’s latest jump in net worth puts him just below Oracle founder Larry Ellison (whose net worth is listed at $ 109 billion) and Steve Ballmer, owner of the Los Angeles Clippers and former CEO of Microsoft who is listed at $ 112 billion.

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Bloomberg notes that Zhao’s actual net worth could actually be much larger than expected, as earnings from his crypto investments and holdings are not factored in.

Although Zhao founded Binance in China, it is currently banned there due to regulations against crypto mining and trading in the country.

“Crypto is still in its growth phase,” Binance said in a statement to Bloomberg regarding Zhao’s net worth estimates and the valuation of the company. “It is sensitive to higher levels of volatility. Any number you hear one day will be different from a number you hear the next day.

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The ever-changing landscape of digital currencies, especially with the new fascination and buy / sell of NFT in the mix, makes it almost impossible to come up with a solid and completely accurate number and estimate the valuation.

“I never see anyone as a competitor. If I have this mindset, everyone is my enemy, even very different companies, ”Zhao said last July in an interview with The New York Times. “But I have an abundance mentality. I think most of the things in this world are not resource constrained. Money is not. Business opportunities are not. And the crypto industry is not. “

Although Binance does not publicly disclose its earnings or financial data, it is estimated that the exchange platform processes around $ 170 billion in transactions per day.

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