More On: Changpeng Zhao
Binance's billionaire founder says he's 'poor again' after the Luna holdings: Once worth $1.6 billion, they have plummeted to barely $2,200
Watch out, Musk and Bezos: there's a new billionaire on the way to take over the kingdom.
Changpeng Zhao is the creator of Binance, a famous cryptocurrency exchange website.
Changpeng "CZ" Zhao, the creator of Binance, a crypto exchange platform with the world's highest daily trading volume of crypto currency, has reached the ranks of the world's wealthiest people, with a net worth of $96 billion, per new reports on Monday.
Per Forbes, Binance reached an impressive $2 trillion in total trading volume in 2020.
Zhao's new net worth puts him only behind Oracle founder Larry Ellison (net worth: $109 billion) and Steve Ballmer, owner of the Los Angeles Clippers and former CEO of Microsoft (net worth: $112 billion).
Zhao's true net worth, according to Bloomberg, might be significantly more than estimated because revenues on his crypto investments and assets are not taken into consideration.
Despite the fact that Zhao started Binance in China, it is now prohibited owing to Chinese legislation prohibiting crypto mining and trading.
“Crypto is still in its growth stage,” Binance said in a statement to Bloomberg regarding estimates of Zhao’s net worth and the company’s valuation. “It is susceptible to higher levels of volatility. Any number you hear one day will be different from a number you hear the next day.”
The ever-changing environment of digital currencies makes nailing down a firm, entirely exact value and calculation of worth extremely hard, especially with the increasing excitement and buying/selling of NFTs added into the mix.
“I never view anyone as competition. If I've got that mindset, everyone's the enemy to me, even very different businesses,” Zhao said last July in an interview with The New York Times. “But I have an abundance mentality. I think most things in this world are not limited resources. Money is not. Business opportunities are not. And the crypto industry is not."
Despite the fact that Binance does not publish its earnings or financials, it is believed that the exchange platform conducts about $170 billion in deals every day.