Binance's CEO, Zhao has a net worth of $96 billion
Image Source: Coin Desk

Binance’s CEO, Zhao has a net worth of $96 billion

Bloomberg estimates Binance CEO Changpeng Zhao has a net worth of $96 billion, excluding crypto holdings. Changpeng Zhao’s net worth overtook billionaire Mukesh Ambani.

Zhao has a net worth of $96 billion, excluding crypto holdings

Binance's CEO, Zhao has a net worth of $96 billion
Image Source: Nairametrics

The Bloomberg Billionaires Index has calculated Zhao’s net worth for the first time, concluding that it exceeds that of Asia’s richest person, Mukesh Ambani, chairman of Indian giant Reliance Industries.

Zhao’s personal crypto assets are not included in the $96 billion number, thus it could be significantly understated. Zhao’s fortune is projected to rival that of Facebook creator Mark Zuckerberg and Google founders Larry Page and Sergey Brin, according to Bloomberg.

Bloomberg lists FTX founder Sam Bankman-Fried ($15.4 billion) and Coinbase CEO Brian Armstrong ($8.9 billion) as the 44-year-old’s closest competitors.

CoinGecko reports that Binance is the world’s largest cryptocurrency exchange, with a 24-hour trading volume of $106 billion as of January 6. Bloomberg reported that it made at least $20 billion in sales last year. Bloomberg projected Binance’s revenue from spot and derivatives trading volumes, as well as stated fees, assuming Zhao owns 90% of the company.

It assigned a value to the company based on publicly traded competitors. Binance disputed the accuracy of the projections, and Zhao declined to respond to Bloomberg.

Binance’s success can be due to CZ’s continued attempts to get operational licenses in various jurisdictions across the world. Despite regulatory challenges, Binance continues to collaborate and acquire new companies in order to remain a leader in the crypto trading sector.

According to data from Cointelegraph Markets Pro and TradingView, the price of BNB has increased by almost 1,300 percent in the last year. CZ will become the first crypto entrepreneur to make the top 10 billionaires list if BNB continues to grow at this rate.

The crypto exchange recently acquired Swipe, a popular crypto Visa card provider with more than 70 million locations worldwide. Binance, the world’s largest cryptocurrency exchange, announced it will acquire the remaining shares of Swipe, a popular cryptocurrency Visa card issuer. With this acquisition, Binance users will be able to spend their currencies at over 70 million locations worldwide.

Binance announced that it had purchased a controlling share in Swipe on July 6, 2020, claiming the new partnership would help bolster cryptocurrency adoption by linking fiat to digital assets. With the acquisition of Swipe, Binance will be able to compete with other cryptocurrency retailers like PayPal and Mastercard, which offer similar services.

A $1 billion initiative was also announced by Binance to accelerate the development of the Binance Smart Chain ecosystem and accelerate mainstream adoption across the financial technology sector.

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