• Changpeng Zhao’s interest in the crypto industry was sparked in 2013
• Binance will become the world’s largest crypto exchange in just 180 days
• No rescue for FTX – planning for industry recovery fund
Changpeng Zhao
Changpeng Zhao was born to teachers in China and lived in Anhui province, according to a Binance blog post. However, in 1989, at the age of twelve, he immigrated to Canada with his family after the Tian’anmen massacre. “We were living on the campus of Hefei University of Science and Technology at the time, one of China’s top four universities. I didn’t understand much of what was going on, but I did hear snatches of conversation from older students, and after what I figured out, I was lucky to be able to walk at that point,” Zhao said. He and his family spent three days waiting in line at the Canadian embassy to get a visa. In order to support his family financially, Zhao worked at McDonalds in Vancouver during his teenage years. After studying computer science at McGill University, he worked on trading software for the Tokyo Stock Exchange and Bloomberg. In 2005 he went to Shanghai to found an IT startup with five other expats.
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Binance Founder
His interest in cryptocurrencies was sparked in 2013. He learned about the digital currency Bitcoin during a poker game and decided to devote himself entirely to cryptocurrency. He even sold his apartment in 2014 to be able to buy Bitcoin. Two years before founding Binance, Zhao founded the company, Bijie Tech, which provided exchange-as-a-service platforms to other exchanges. It was all about the exchange of art and objects such as stamps, baseball cards and the like. However, in March 2017, the Chinese government decided to shut down all file sharing sites of this type, causing all of the company’s customers to go out of business. Together with the Bijie team, Binance was finally launched on July 14, 2017. But even that company faced a major hurdle when the Chinese government released a memo just a month and a half after it was founded, stating that crypto exchanges could not operate in China. A full 30 years after Zhao and his family fled China, he was again forced to leave the country. But despite the difficulties, Binance became the largest crypto exchange in the world in just 180 days. Changpeng Zhao is now one of the richest people in the world. With a fortune of approximately $14.4 billion, he is ranked #90 on Forbes’ list of billionaires. In 2020, he was also included in the Bloomberg 50 list of the most influential people of the year.
Savior of the crypto scene?
According to a CNN report, the self-made billionaire is also in the spotlight as the self-proclaimed white knight of the crypto industry. Accordingly, he has offered his help to various entrepreneurs who are in a liquidity crisis to “rebuild the sector”. This offer came just days after he ditched a supposed deal to bail out one of the biggest companies in the space, FTX. Via Twitter, the Canadian announced that he will “set up an industry recovery fund to help projects that are otherwise strong but are experiencing a liquidity crisis.”
To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify. 1/2
– CZ ? Binance (@cz_binance) November 14, 2022
He also stated that Binance would welcome other industry players who wish to participate as cash investors. In the long term, the billionaire continues to believe in the potential of the crypto industry, he said on Twitter. “Crypto isn’t going away. We’re still here. Let’s rebuild.”
E. Schmal/Redaktion finanzen.net
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