Binance Ceo Changpeng Zhao (CZ) richer than Mukesh Ambani

Changpeng Zhao, who runs the crypto exchange Binance, has become one of the richest people on Earth.

CZ, net worth is $100 billion, according to the Bloomberg Billionaires Index. It’s the first time Bloomberg has estimated his fortune, which exceeds Asia’s richest person, Mukesh Ambani, and rivals tech titans including Mark Zuckerberg and Google founders Larry Page and Sergey Brin.

Binance CEO Changpeng Zhao in Singapore on Nov. 19, 2021.
Binance CEO Changpeng Zhao in Singapore on Nov. 19, 2021.

Zhao’s projected fortune now rivals that of Oracle (ORCL) founder Larry Ellison and surpasses that of Mukesh Ambani, the Indian tycoon whose fortune has also soared over the last two years.

Binance was launched only four-and-a-half years back in July 2017 in comparison to the other legacy businesses founded decades back.

Last year, other crypto founders also enjoyed huge gains as the value of virtual coins rallied, with Ethereum creator Vitalik Buterin and Coinbase founder Brian Armstrong both becoming billionaires.

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 In 2021, BNB (Binance exchange Token) had jumped around 1,300 percent from $41 at the beginning of 2021, beating Bitcoin and Ethereum. The growth rate in BNB price was higher than around 63 percent growth in Bitcoin and approximately 420 percent jump in Ethereum last year. 

Binance was the largest cryptocurrency exchange with a 24-hour trading volume of $11.8 billion, at the time of filing this report, as per CoinMarketCap. According to a Binance blog in November 2020, Zhao learned about Bitcoin in 2013 during a game of poker, after which he decided to go all-in on crypto and even sold his apartment to buy Bitcoin. 

Binance exchange could be worth around $300 billion as a public company, according to former company executives, as per a November 11, 2021 report by The Wall Street Journal.

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