Changpeng Zhao, known spil CZ ter the cyberworld, has featured on the voorkant of the latest punt of Forbes tv-programma.
The 41-year-old is far from well-known, given that less than a year ago he wasgoed still a middle class Chinese.
Zhao founded the crypto-exchange Binance ter July last year. And his private wealth zoomed to US$Two billion ter just a few months, making him the richest man te China among those who made their fortune from cryptocurrencies.
He might also have notched a world record te terms becoming a self-made billionaire within the shortest period of time.
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Born ter Jiangsu, Zhao migrated to Canada with his family at youthfull age. After studying pc science at Montreal’s McGill University, he worked at Tokyo Stock Exchange and then at Bloomberg. The coding whiz wasgoed promoted to Bloomberg’s chief technical director before 30.
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Te 2005, he abandon and moved to Shanghai to begin Fusion Systems, a company that suggested high-frequency trading systems for brokers. However, the venture failed following a regulatory crackdown on high-frequency trading ter China.
He joined Blockchain.informatie spil the third member of the cryptocurrency wallet’s team te 2013 for eight months. Then he worked at OKCoin spil chief technology officer for less than a year.
Te July , Zhao determined to begin his own digital asset exchange, Binance. The exchange has quickly surpassed other rivals and become China’s largest cryptocurrency exchange.
Binance now has a daily turnover of US$1.67 billion, making it the world’s third largest cryptocurrency bourse, according to CoinMarketCap.com. That’s not far from BitMEX’s US$1.83 billion.
Cryptocurrency exchange usually charges 0.1 procent transaction fees. That means Binance reaps daily revenue of US$1.67 million, translating into an annual income of US$610 million.
To waterput things ter perspective, Binance’s income amounts to toughly one third of that of the Hong Kong bourse (based on Hong Kong stock Exchange’s nine-month financials)
Binance also profited from issuing its own token.
Since its July initial coin suggesting, Binance token BNB has soared from about Ten US cents te market value to the current level of about US$9. The cryptocurrency has spiked 12 procent this year, far exceeding other crypto units like bitcoin. Zhao and his team own about 80 million BNB, translating to market value of more than US$720 million.
This has bot a big leap for Zhao, considering that he had to sell his house ter Shanghai te 2014 to go all te on Binance.
Nevertheless, the success story is spil much about his private achievement spil the frenetic cryptocurrency prosperidad ter China.
Binance has attracted 6 million users, most of whom are retail investors. Zhao’s wealth is basically derived from their trading activities.
Since the value of cryptocurrencies may not be sustainable, some speculators have reportedly bot cashing ter on their gains by selling their cryptocurrency holdings and switching into tangible assets like properties. But some are corded to get caught when the bubble bursts.
This article appeared ter the Hong Kong Economic Journal on Feb 13