Max E.Mon, Jan 10, 2022 1:00 PM
Bloomberg Lists Changpeng Zhao As The Richest Person In The Crypto Industry
The founder and CEO of the Binance cryptocurrency exchange Changpeng Zhao became the richest man in the world of cryptocurrencies according to Bloomberg. His fortune is estimated at $ 96 billion. Zhao's fortune is based on his 90% stake in Binance, which in 2021 amounted to $ 20 billion, the agency explained.
In the ranking of the richest people in the world, Zhao took 11th place, ahead of Indian businessman Mukesh Ambani ($ 92.9 billion). As of January 9, the top three wealthiest entrepreneurs include Elon Musk ($ 263 billion), Jeff Bezos ($ 188 billion) and Bernard Arnault ($ 171 billion). Taking into account Zhao's personal crypto assets, his net worth is comparable to the fortune of the fourth richest person in the world – Bill Gates ($ 135 billion), according to the agency.
As the agency notes, the real size of Zhao's fortune may be even greater, since the estimate does not include his personal holdings of cryptocurrency – Bitcoin and BNB tokens. Earlier, the entrepreneur told how in 2014 he sold his house and invested all the proceeds in Bitcoin when its price was around $ 600. Now the first cryptocurrency rate is at the level of $ 40,000 for the token.
Binance is the largest crypto exchange in the world in terms of trading volume, with Zhao holding 90% of the platform's shares. In July, he said that the company is seeking to become a "regulated financial institution," and announced his readiness to step down as CEO if necessary. According to the entrepreneur, the American branch of Binance will go public within three years. According to The Wall Street Journal, the company could receive a valuation of $ 300 billion in the event of an initial public offering.
Zhao has never publicly commented on the size of his personal crypto assets, but he revealed last November that they make up "the bulk" of his net worth. At the same time, he stressed that he was not interested in "ratings and money", and also said that personal fortune is "a very subjective indicator."
Likewise, little is known about the finances of Binance, the world's largest cryptocurrency exchange. The private crypto exchange does not disclose its financial results. It processes up to $ 170 billion of cryptocurrency transactions per day, which is several times more than its competitors.
Last March, the Hurun Report, which tracks the personal wealth of the world's richest people, estimated Zhao's fortune at $ 8 billion. The next month, Forbes, which estimated Zhao's stake in Binance at 30%, named his net worth at $ 1.9 billion. Last November, Chinese magazine Caijing Magazine estimated Zhao's fortune at over $ 90 billion, without specifying how he arrived at that figure.
For his part, Zhao says he will donate most of his fortune to charity.