They advised him to convert 10 per cent of his net worth into bitcoin, saying that there’s a high chance that it will multiply 10-fold, which essentially means doubling his net worth. Zhao, who currently resides in Singapore, first learnt about Bitcoin from Bobby Lee, who was the CEO of BTC China and his investor at a poker game. Instead, he often splurges on laptops - the most he bought was five or six laptops at a time - simply because he “destroys (them) pretty quickly.” – Binance founder and CEO, Zhao Changpeng in an interview with Bloomberg MarketsĪ separate 2018 Forbes interview also revealed that although Zhao is crypto rich, he doesn’t own any cars, yachts or fancy watches. And I don’t plan to convert my crypto into cash in the future. I’m not using crypto to buy fiat, I’m not using crypto to buy houses. I don’t own any fiat - the physical stuff that I own is probably negligible in terms of my net worth. He also believes in cryptocurrency so much that he has probably invested “close to 100 per cent” of his net worth in crypto coins. Zhao is so devoted to Binance that that he actually sports a tattoo of the company’s logo on his arm. How he got started on Bitcoin Image Credit: Forbes It’s still too early to say what our profits or revenues will be this year,” he told Bloomberg Markets. “We’re doing a number of new businesses that are burning money. Last year, Binance also acquired CoinMarketCap in April and launched their own cryptocurrency debit card.Īs Binance expands its business in different areas, Zhao admits that the Binance Card is actually losing money for the company but he doesn’t mind it because he wanted to get that product out. It was a remarkable rise from flipping burgers to being a crypto billionaire.įast forward to 2020, Binance has booked more than US$800 million in revenue and reached US$2 trillion in total trading volume. The dramatic rise in bank balance and rapid success brought lots of publicity, the peak being the front cover of Forbes magazine. The following year, it attained six million users. In July 2017, Zhao raised US$15 million in initial coin offerings just when the market was getting hot and within six months, it became the largest crypto exchange in the world. The Binance platform also has its own coin, BNB, which users can buy, sell and hold. Today, it is the third-largest cryptocurrency worldwide with a market capitalisation of nearly US$54 billion.
Image Credit: Corporate Finance Institute Binance also provides a crypto wallet for its traders, where users can store, send and receive their electronic funds. The platform allows users to trade currency, offering a wide range of options for cryptocurrencies to invest in.
0 kommentar(er)
