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A recent confidential report in Chinese insider has claimed that the Chinese-Canadian entrepreneur possesses around 90 percent stakes in Binance, instead of the suggested 30 %
Changpeng Zhao (CZ), the Chief Executive Officer of Binance, is the richest ethnic Chinese with a net worth of around $90 Billion.
Binance, which is the world’s most popular crypto exchange platform, has been predicted to reach $300 billion. The young entrepreneur has impressively found a place among the world’s richest people, bettering the leaders of popular sites like Tiktok and Tencent.
While the news is pretty significant for a company that was established only four years ago, here’s the curveball. The current valuation for the billionaire was carried out assuming that he owned around 30 percent stakes in Binance. However, a recent confidential report in Chinese insider has claimed that the Chinese-Canadian entrepreneur possesses around 90 percent stakes in the company. If this claim is true, he can potentially become the richest person in the world.
A month ago, CZ had disclosed his portfolio, acknowledging the possession of a significant amount of Bitcoin along with Binance’s indigenous token, Binance coin (BNB). According to a report by the Associated Press, Changpeng Zhao’s main source of wealth originates from his crypto portfolio along with his stakes in crypto exchanges. While he recognized the fact that he was a substantial shareholder in Binance, nobody suspected the presence of hundreds of billions worth in USD.
While the issue is far from being resolved, it is said that the young CEO believes in philanthropy and is adamant about donating a significant chunk of his assets.
As the interesting narrative gets more limelight, Binance’s meteoric rise to market domination is also being noticed. Binance, a company started only 4 years ago, currently has around 3000 employees around the world. The company’s daily trading volume is at a peak of $76 Billion, which is greater than the total trading volume of its four largest rivals combined.
Changpeng Zhao is in-charge of the management of the bulk of the firm’s equity. Even if we go by the information provided by Forbes data ( 30% of the platform’s shares), the assets of CZ are 35% larger than Zhong Suisui, the former richest man in China.
The Chinese-Canadian crypto tycoon has enjoyed an enormous influence in the crypto realm. Born in 1977, CZ lived in Jiangsu in his childhood and migrated to Vancouver, Canada later. Presently, he lives in Singapore with his family. Nevertheless, Binance’s monthly spot trading volume has aced all its rivals by topping the charts for 15 months straight. The hefty rise in trade size this year has enabled an eventual increase in the value of CZ’s assets.