Chengpeng Zhao is a Chinese-Canadian business executive who is the chief executive officer and founder of Binance. Binance is the world’s largest cryptocurrency exchange by trading volume as of July 2022. Chengpeng Zhao was born in Jiangsu, China and migrated to Canada at a young age with his family. Currently, he is established in Singapore.
formerly, he was a member of the team that developed Blockchain.info and also worked as Chief Technology Officer at OKCoin. He is ranked 113th richest in the world, having a net worth of approximately 14.9 billion USD as of May 2022, according to Bloomberg Billionaires Index.
Early Life and Education
Chengpeng Zhao was born in Jiangsu province in China. He moves to Canada with his family in the late 1980s settling in Vancouver, British Columbia. His parents both opted for teaching as their profession in China. His childhood had been a difficult one, his family condition was not great so he supported his family by working several service jobs. He attended McGill University in Montreal, Quebec where is majored in computer science.
Chengpeng Zhao is currently the most recognizable face in crypto. Many people are getting millions, and also some people are losing millions via cryptocurrency trading since there is not any shortage of cash to make in the 1 trillion USD cryptocurrency sector. The no of billionaires who have acquired a fortune in crypto has increased to 19 in 2022.
Chengpeng Zhao: From China to Canada to Dubai
Chengpeng Zhao chose Dubai as his new home because he believed that the cryptocurrency space is highly international and diversified and that Dubai is a true innovation hub that houses a highly innovative and diverse group.
Chengpeng Zhao got into developing market-focused trading software, having majored in computer science including an internship he did at the Tokyo Stock Exchange and a full-time job at Bloomberg, a global financial data giant, for four years.
During his time at Bloomberg, he developed trading software for Wall Street, which was designed to help investors trade contracts, used to trade an asset at a predetermined cost.
Then, he founded his own company known as Fusion Systems. Fusion Systems was founded to develop trading systems for brokers.
Before launching Binance, he was involved in different crypto companies. It includes his work as a head of technology at Blockchain.com where he became interested in Bitcoin, the world’s greatest digital currency.
Despite the fact that Chengpeng Zhao was from the traditional financial space, he was greatly influenced by Bitcoin, being borderless and unrestrained from any intermediaries. He liked the fact that Bitcoin tackled many money-related issues which includes freedom to trade, supply and low fees.
The largest cryptocurrency platform in the world
Chengpeng Zhao founded Binance in less than eight months by being inspired by the principles of Bitcoin. Binance Coin was launched the same year after Binance’s launch in July 2017. Binance Coin is a utility token that provides its owners with several benefits, like discounts on trading fees. Also, in 2019, Binance launched Smart Chain which is an Ethereum competitor.
Binance’s worth rose in April 2019 to 4.5 billion USD, and the growth has not stopped there. It has taken its first step towards its expansion in Abu Dhabi after getting the permission to start the operations. Binance has approximately 120 million users currently, and about 50 billion USD is traded daily on this platform.
Chengpeng Zhao is currently ranked 35th on the list of the world’s richest people having an estimated net worth of 34.5 billion USD as of August 2022. About all of his worth is in cryptocurrency.
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