May 11, 2022

The World’s Biggest Crypto Fortune Started With A Friendly Poker Game

Changpeng Zhao has become an unlikely entrant to the Bloomberg Billionaires Index list. He recently overtook Mukesh Ambani to become Asia’s richest entrepreneur. Zhao is now closer to passing Mark Zuckerberg and Larry Page & Sergey Brin.

His journey into the world of crypto began during a friendly game of poker where he was introduced to the concept of digital currency. He studied cryptocurrency, found it interesting, then went all-in with bitcoin by selling his apartment.

Years later, he entered the Bloomberg Billionaires Index list.

Changpeng Zhao – The King

According to Bloomberg Billionaires Index, Changpeng Zhao’s net worth is around $96 billion. That excludes his personal Bitcoin and Binance Coin holdings, which jumped around 1,300% in the past year.

The journey into the world of cryptocurrency started with many setbacks, but now it holds the top spot in a prestigious list. Zhao even hosts the royal family of the United Arab Emirates.

To be precise, his net worth is $95.8 billion. He is followed by Satoshi, Sam Bankman-Fried and Brian Armstrong with a net worth of $45.8 billion, $15.4 billion and $8.9 billion respectively.

Changpeng Zhao has become a household name in the UAE, but it hasn’t been an easy journey. As dramatic as it sounds, he was only 12 when he moved to Vancouver with his family after his father’s exile in light of the Cultural Revolution.

He has always been interested in technology. He trained in computer science and then got a job in finance. His first jobs were in New York and Tokyo.

The initial cryptocurrency investment was initiated for 10% of his total net worth. He got hooked and ended up owning a lot of the investment. Everything now seems to be paying off in earnest.

Binance – A Pool of Opportunities

Founded in 2017, Binance now carries the image of being the powerhouse of cryptocurrency. The company has not yet established an official headquarters.

It has been rightly referred to as a reservoir of opportunity as it allows traders to trade over 350 coins on its international exchange. Additionally, users can access the derivatives market to speculate on the future value.

Binance made history by becoming the largest derivatives trading provider by volume. It also holds a larger share when it comes to spot trading. Together, the two hold a total value of $106 billion.

In terms of Spot, Binance processed nearly $26 billion and $80 billion in terms of derivatives. The company is followed by OKEx which holds a value of $9 billion in spot and $24 billion in derivatives.

Chris Brendler, analyst at DA Davidson & Co, called Binance significantly larger than Coinbase.

Changpeng Zhao, in one of his public appearances, made it official that Binance is trading nearly $40 billion on a slower day, with $170 billion being real value in the past 24 hours alone.

It is rare for a Crypto entrepreneur to appear on the list of globally wealthy businessmen. Chengpeng Zhao has a story scripted with his appearance. He succeeded in making Binance a top destination for crypto traders and coin developers.

Read Binance reviews for a detailed overview of the exchange.