Changpeng Zhao started Binance, the biggest cryptocurrency exchange in the world. Since the company began in 2017, he has been an inspiration to many. In just a few months, Zhao turned the company into the most important cryptocurrency exchange platform.
Changpeng Zhao, also known as CZ, was the 11th richest person in the world. Recent calculations show that he is worth about $96 billion.
CZ’s life is inspiring and interesting to learn about, from selling his apartment to buying cryptocurrencies to becoming one of the richest people in the world. Let’s look at where and how Changpeng Zhao’s journey began, as well as his childhood and life as CEO of Binance. Life in general
Changpeng Zhao is a businessman who was born in Jiangsu Province, China, on September 10, 1977. He now lives in Canada. His mother and father were both teachers. Zhao’s father was a college professor who was sent away because he was called a “pro-bourgeois intellect.”
So, at the end of the 1980s, the family moved to Vancouver, Canada. Zaho worked part-time when he was a teenager in Canada to help pay for his family’s needs. After school, he used to work at McDonald’s and a few gas stations.
Start of Career:
Changpeng Zhao went to McGill University in Montreal and got a degree in computer science. After he graduated, he went to Tokyo to start his career as an intern. He worked for a trader on the Tokyo Stock Exchange, who asked Zhao to make software to match orders in the stock trade. After his first job, he joined Bloomberg Tradebook LLC in 2001 and worked for the next 4 years as the head of the futures development sector.
In 2005, Zhao helped start a company called Fusion Systems with another person. The company helped businesses with IT solutions and other kinds of business consulting. Changpeng Zhao was a partner at Fusion Systems until the end of 2013. He then went into the field of cryptography.
Changpeng Zhao became the leader of the team that created blockchains in 2013. Blockchain.com is a company that offers services related to cryptocurrencies. It made a cryptocurrency wallet that has been used for almost 28 percent of all bitcoin transactions from 2011 to 2020. Zhao worked for this company to make crypto wallet software.
After about a year of working in blockchain, Zhao quit his job and became the Chief Technical Officer of a company called OKCoin. OKCoin is a crypto exchange company, just like Binance, and is thought to be one of the biggest in the world. But Zhao didn’t think the company was a good fit for his ideas about crypto exchange, so he quit.
CZ left OKCoin to start a new company called Bijie Tech. People in Shanghai could use this company to trade cryptocurrencies. From 2015 to 2017, it kept helping people, but one day, all of Bijie Tech’s platforms and websites stopped working. The company’s management did not say anything about or explain what happened. But when Bijie Tech went out of business, a powerful company called Binance was born.
Changpeng Zhao first became interested in cryptocurrencies in 2014, when he was playing poker with a friend. During that time, he learned about Bitcoin and started putting his money into it. To get bitcoins, he even sold his house. So much did he care about the cryptocurrency market. Zhao worked for different companies to gain experience and follow his interests.
Bijie Tech went away slowly, but it came back as Binance. Binance was made up of all the top management and resources of the old company. Changpeng Zhao has been the company’s CEO since it started in 2017. When it comes to trading, this cryptocurrency exchange platform is the biggest one. In just 180 days, Zhao became a billionaire because of Binance. He is now worth an estimated $96 billion, which makes him the 11th richest person in the world.
Problems Encountered:
During his five years at Binance, Zhao had to deal with a lot of problems. Because China has strict rules about crypto, he had to move the headquarters from China to the Cayman Islands. The United States Department of Justice is looking into whether Binance broke any laws about money laundering.
In the same way, many other countries, such as Germany and the UK, have also taken legal action against the company or warned it not to do something. In fact, in 2019, a lot of bitcoins worth around $40 million were stolen from Binance. Zhao faced all of these problems head-on, including the theft of bitcoins. He made sure that the company made up for all of its losses and never let his customers down.
Conclusion:—-
Changpeng Zhao’s story is really moving. He made possible everything we thought was impossible. Cryptocurrencies and their market are just starting to become popular, and most people still don’t know much about them, if anything. In this situation, CZ made his own way and set a standard for other people who wanted to be leaders.
Zhao made people think that you can start a business and make it the biggest in the world in 5 years. He showed that it would only take a couple of years to become one of the richest people in the world. He also showed that it is possible to grow a business in any part of the world, even if it is hard because of the superpowers. There is a lot to learn from someone who is so interesting.