Chinese-Canadian Changpeng “CZ” Zhao, who heads cryptocurrency exchange Binance, has joined the ranks of the world’s top billionaires, with an estimated net worth of at least $ 96 billion, according to new calculations from the Bloomberg Billionaires Index.
Changpeng Zhao’s estimated fortune now rivals that of Oracle founder Larry Ellison and surpasses that of Mukesh Ambani, the Indian tycoon whose fortune has also exploded in the past two years, CNN Business reports.
A Binance spokesperson told CNN Business that “CZ intends to donate most of its wealth, if not 99% of its wealth, like other entrepreneurs and founders. “
The rise of the Chinese-Canadian entrepreneur is emblematic of the rapid creation of wealth in the rapidly evolving world of digital currencies, the American publication points out.
Last year, other cryptocurrency founders also enjoyed huge gains from the rise in the value of virtual currencies, with Ethereum creator Vitalik Buterin and Coinbase founder Brian Armstrong being both became billionaires.
Sam Bankman-Fried, CEO of FTX, another cryptocurrency exchange that is backed by Binance, noted on Tuesday an “unprecedented amount of wealth creation that has occurred in the industry over the past few years.” “