The CEO of Binance cryptocurrency exchange, Changpeng Zhao or “CZ” has unveiled his personal wealth allocation and previously unknown facts from his biography.
99% of Binance CEO CZ’s Personal Wealth are Stored in Digital Assets
In an interview with Chinese blockchain journalist Colin Wu, Changpeng Zhao a Chinese-Canadian business executive, who is the founder and CEO of Binance, the world’s largest cryptocurrency exchange by trading volume has revealed his personal wealth allocations and other unknown facts about him.
According to the text of the interview, Zhao read the Bitcoin (BTC) whitepaper in 2013 and a year later sold his Shanghai house for $1 million to put it all on Bitcoin. BTC was then selling for $600 a coin. Zhao repeatedly emphasizes that he still hasn’t touched it despite Bitcoin’s price dropping as low as $200 at times.
He believes that a bearish season in 2018 was good for Binance’s (BNB) progress as the exchange saw an exploding boom last year in terms of institutional-focused services.
On being accused of Binance Smart chain (BSC) being a copycat of Ethereum Blockchain, CZ stressed that while Ethereum (ETH) can be compared to a Mercedes, Binance’s smart contract platform is a “Mercedes, but 10 times faster.”
Lastly, he unveils that 99% of his personal wealth is stored in digital assets like Binance Coins (BNB) and Bitcoin (BTC).
CZ Grows BSC Into World’s Largest Crypto Exchange
CZ studied computer science at Montreal’s McGill University in Canada. After college, Zhao began working for the Tokyo Stock Exchange, developing software for matching trade orders, and then at Bloomberg Tradebook where he was a developer of futures trading.
Zhao was previously a member of various cryptocurrency projects including Blockchain.info and also served as chief technology officer of OKCoin.
In 2017, Zhao left OKCoin to start his own crypto exchange company called Binance. He launched the company in July 2017, following a $15 million funding raised during an initial coin offering. In just less than eight months, Zhao grew Binance into the world’s largest cryptocurrency exchange by trading volume, as of April 2018.