ChangPeng “CZ” Zhao Reveals his Billion-Dollar Cryptocurrency Portfolio

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ChangPeng "CZ" Zhao

Who is Changpeng Zhao?

Also known as CZ, Changpeng Zhaon is a 44-year-old Chinese-Canadian business executive and the brain behind Binance. Other than being the founder, CZ is also Binance’s Chief Executive Officer. 

Changpeng is at number 22 in the list of top 50 Richest people in Singapore. The 44-year-old has a net worth of close to 2 billion dollars. 

Recently a journalist posted his dialogue with Changpeng Zhao. The interview reveals that Zhao sold his house in Shanghai, China, after going through Bitcoin’s white paper eight years ago.

The billionaire revealed that the price multiplied by two within a year, although Bitcoin’s price went down by more than 60%. Zhao said he did not give up any of those tokens. 

ChangPeng Zhao Interview 

When the journalist asked about his thoughts on the drop of Bitcoin from 65000- 30000, Zhao said it is normal for the market to have a massive decrease if the market had a significant increase.

The Binance CEO revealed that the company’s core competitiveness is that it focuses on its users. In addition to this, the exchange platform puts ten percent of all transactional fees into the Secure Asset Fund For Users- therefore ensuring user protection.

After Xu Mingxing’s investigation, it caused panic concerns over the safety of the Binance assets. 

When the journalist posed this question, the Binance CEO stated that the company currently has multi-signature mechanisms. Meaning the system required signatures from at least 7/15 people who don’t know each other. In addition, he does not need to approve expenditures worth less than three million USD.

The journalist asked whether the mechanism would still require a coordinator, and Zhao started by saying that all tools are used. Therefore the operator doesn’t know the wallet holder. 

The executive director revealed that social media is a crucial tool he uses to communicate with the community. Additionally, the mixture of cultures helps the exchange platform grow globally. 

Interestingly, Zhao’s stores ninety-nine percent of his wealth in Crypto. The majority of the tokens are BNB coins, and the rest are BTC.

Comparing Ethereum and the Binance Smart Chain, the BSC CEO said they are both Crypto exchanges, but the only difference is the transaction speed.

Ethereum has a TPS rate of 15, while Binance handles 1500-2000 transactions each second. 

What is Binance?

Founded in 2017, Binance is among the largest Crypto exchange platforms in the Crypto world by volume of trade. 

Binance headquarters is located in the Cayman Islands in Seychelles. Despite this, a spokesperson of Binance claimed it is decentralized, therefore in partnership with several global regulated entities.

Although it started as a utility token, Binance has many functions, including;

  • Paying transaction fees
  • Bookings for travel
  • Online services 
  • Financial and entertainment services. 

Conclusion 

Changpeng Zhao founded Binance in 2017 and has since worked tirelessly to ensure its success. As the CEO, he aims to make the company transparent and at the top.

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