Author
Babafemi Adebajo
An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.
Zhao’s fortune can be traceable to the strides of Binance. The exchange reported revenue of over $20 billion in 2021.
Binance CEO Changpeng Zhao has been rated as the richest known face in the crypto world. According to the Bloomberg Billionaire Index, Zhao now has a net worth of at least $96 billion.
The former McDonald staff’s ascent into the list of the world’s billionaires has been quick. This is only the first time Bloomberg has rated the CEO. However, there are suggestions that Zhao’s net worth could be more. This is because the exact details of his cryptocurrency holdings are not available in the public space.
The Binance CEO often refuses to comment on the size of his estate but claims he will donate his entire wealth to charity. A U.Today report in November suggested that he may be worth as much as $300 billion if his assets were to be made public.
According to the Index, Zhao ranks as the 11th richest person in the globe ahead of Indian businessman, Mukesh Ambani, who has a net worth of. $92.9 billion. He is also about $11 billion shy of Larry Ellison whose current total net worth is $107 billion.
Elon Musk continues to top the list with the $236 billion ahead of Jeff Bezos, Bernard Arnault, Bill Gates, and Mark Zuckerberg who make up the rest of the top 5 on the list.
Binance CEO: His Fortune and the Success of Binance
Zhao’s fortune may very well be traceable to the strides of his company Binance. The exchange reported revenue of over $20 billion in 2021.
The success of the company is traceable to Binance’s continued efforts to acquire an operational license in additional jurisdictions. Despite challenges with regulations in many countries, the company has continued to partner with and acquire many more organizations expanding its reach globally.
In its most recent acquisition, Binance sealed a deal with multi-asset digital wallet company Swipe. The deal will bridge payment gaps between fiat and cryptocurrency aiding mainstream adoption.
It also launched a $1 billion funding initiative. The fund will be deployed for the development of the Binance Smart Chain. It will also be used to drive promotional campaigns to the mainstream sector in hopes of increasing adoption.
Again, it introduced subscription plans for NFT purchases on its platform a few days ago.