Changpeng Zhao, CEO of Binance and often known as “CZ,” is the richest cryptocurrency millionaire with a net worth of $96 billion.
According to CoinMarketCap, CZ ranks 11th among the world’s wealthiest people, while Binance remains the largest cryptocurrency exchange regarding trade volume.
Now despite Bloomberg removing his crypto holdings, such as Bitcoin BTC $29,218 and the exchange’s in-house Binance Coin BNB tokens, CZ, the 44-year-old crypto entrepreneur, surpassed Asia’s richest billionaire, Mukesh Ambani.
Furthermore, according to data from Cointelegraph Markets Pro and TradingView, the price of BNB has increased by almost 1,300% in the last year alone. If BNB keeps up this pace, CZ will be the first crypto entrepreneur to break into the top ten billionaires list.
How CZ Made Binance the World’s Largest Crypto Exchange?
Did you know? Binance’s founder used to work at McDonald’s and sold his flat to go all-in on Bitcoin. The story begins when CZ, a Chinese-born immigrant in Canada, worked odd jobs to help support his family. He even worked at a McDonald’s at one point.
CZ’s hard work has resulted in his receiving a computer science degree from McGill University in Montreal and developing unique trading software for the Tokyo Stock Exchange and Bloomberg’s Tradebook.
He then discovered Bitcoin during a poker game in 2013, after which he decided to go all-in on cryptocurrency by dedicating his life to it. He even sold his flat to get Bitcoin. Even when the price of BTC dropped from $600 to $200 following his BTC purchase, he persisted.
According to the story published on the platform itself, CZ founded his exchange after working as a technical leader at crypto wallet provider Blockchain and crypto marketplace OKCoin. He combined the tech performance of high-frequency trading platforms he designed with the promise of crypto.
Eventually, he founded Binance through a $15 million initial coin offering (ICO). While there is more to the ups and downs Binance faced and the lack of expert and analyst support it received, the exchange eventually built on solid grounds with CZ’s hard work.
The Binance-Based Solutions CZ and His Team Worked to Build:
Despite holding the pole position, CZ envisioned the Binance exchange as the first step in a larger crypto ecosystem to give services and solutions to as many crypto-related demands as possible. This included significant initiatives such as the launch of the Binance DEX decentralized exchange, the construction of the BNB Chain blockchain, and the introduction of Futures and Margin trading on the platform, placing it in rivalry with other platforms.
- Binance DEX:
Binance DEX allows projects to engage in and issue new tokens on the local blockchain, furthering the industry. MDEX, a famous Binance DEX project, aims to develop a high-performance DEX environment with multichain support.
- BNB Smart Chain:
BSC was founded during the DeFi revolution when public interest in blockchain-powered financial solutions and use cases rose. BNB Chain developed large-scale crypto solutions like GameFi, SocialFi, and the metaverse through this innovative solution.
Using these BNB Smart Chain solutions, new and emerging projects are gaining rapid popularity. From the popular SocialFi project Torum to the emerging metaverse project Silks – Binance gives the power of recognition with innovation to many crypto projects. Additionally, Elfin Games is a popular GameFi project gaining rapid recognition among developers and gamers for its easy-to-use and rewarding interface.
- Futures and Margin Trading:
Another innovative solution introduced by Binance is the futures and margin trading solution. This innovative solution is ideal for traders who can predict the price of a stock, commodity, or cryptocurrency. Taking a margin makes it risky. However, at the same time, margin trading amplifies wins and losses, as the saying goes.
Which of these Binance solutions have you come across or benefitted from as part of the crypto world?
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