Changpeng Zhao is a Chinese-Canadian business entrepreneur. He is the founder of Binance, world’s largest cryptocurrency exchange in terms of trading volume. He is famously known as CZ. Let’s talk about 15 things you might not know about Changpeng Zhao.
1.Changpeng Zhao early life
Changpeng Zhao was born in Jiangsu, China. He is a citizen of China. His father was a professor in China and he was labeled a “pro-bourgeois intellect” and was temporarily exiled after Changpeng was born. His family immigrated to Vancouver, Canada. As a teenager, Changpeng helped in supporting his family by working in McDonald’s and doing overnight shifts at a gas station in Vancouver.
CZ studied at Montreal’s McGill University. He studied Computer Science there. His passion for stock markets and trading made him work in Tokyo Stock Exchange; he worked at Bloomberg Tradebook and was a developer of futures trading software. In 2013, he worked for various cryptocurrency projects like Blockchain where he was head of development and served as chief technology officer of OKCoin. In 2017, he left OKCoin to start his own cryptocurrency exchange called Binance.
3.Changpen Zhao contribution to his work
In Tokyo Stock Exchange he developed software for matching trade orders. At Bloomberg Tradebook he developed software for futures trading. In 2005 he quit his job and moved to Shanghai to start his own company Fusion Systems where he was a partner and which was known for their fastest high-frequency trading systems for brokers.
4.Titles held by Changpen
- Head of Tradebook Futures Development at Bloomberg from 2001-2005.
- Partner at Fusion Systems from November 2005 to December 2013.
- Head of Development at Blockchain from 2013 to 2014
- Founder of Bijie Tech, Shanghai, Tokyo. September 2015-July 2017
- CEO of Binance from July 2017 to present.
5.Starting of Binance
CZ launched the company Binance on 1st July 2017 and it became the biggest crypto currency exchange in the world. It was founded in china but its headquarters were moved from China to Japan before the Chinese government banned cryptocurrency trading in September 2017. In 2018, it set up offices in Taiwan.
6.Funding of Binance
An initial coin offering was held which raised $15million funds for the company. Initial coin offering was Binance Coin (BNB) which started at around 11cents and is now around $10, it even went upto $24 at the start of the year. It became the biggest crypto exchange market in less than 6 months.
7.Binance faces hacking
The company faced a data breach which resulted in a loss of more than $40 million in Bitcoin. Hackers stole information to transfer more than 7,000 bitcoins to their own wallets. This loss was covered by Binance from their funds.
8.CZ wears Binance as well
Cz loves his company Binance so much that he wears only Binance hoodies and T-shirts. He is mostly seen in black color wearing his company’s logo, now that’s a good way of advertising your company one can say.
9.The Lamborghini promotion offer
We have to give it to CZ for this amazing offer, he loves unusual marketing tactics and this can be seen in Binance several promotion offers and of them was that Binance was giving away Lamborghini. Personally CZ is not interested in cars and he does not own a single car.
11.Forbes and CZ
In an interview with Forbes CZ said “No decentralized exchange today can handle our volume, and none are as secure as we are.” He was placed third on Forbes list of “The Richest People in Cryptocurrency” in February 2018.
12.CZ open to changes
Vitalik Buterin commented on centralized platforms that they should go to hell and to this CZ replied “Rather than expecting others to ‘go to hell’, it is better to open your mind and embrace the reality that everyone is part of the blockchain ecosystem, not independent of each other.” After this CZ changed his opinion on decentralization as he announced Binance DEX a decentralized platform. This move showed that CZ is not rigid and is open to changes according to the needs of the market.
As on 6th June 2019 Changpen networth was $1.2 billion. He does not have any house; he sold his house in Shanghai to support his venture. He does not own any cars. He is only interested in mobiles and so he owns three mobiles.
13.CZ sues Sequoia Capital for Damages
CZ sued Sequoia Capital for damages after their case against him was dismissed. CZ filed a case stating that his reputation had been damaged and he was unjustly prevented from raising capital during its dismissed legal challenges against him. The case was filed in Hong Kong High Court and a resolution was made on Dec 12, 2018 and Sequoia’s claims were dismissed by the tribunal.
14.Binance is a booming currency
In 2018 Binance raked in $1 billion profit. While big cryptocurrencies such as Bitcoin, Ripple and Ethereum saw some downfall in their values. Binance was booming and made big bucks for CZ. Binance can handle 1.4 million transactions each second.
15.CZ thought about the market
- The future is Decentralized, but it will take some time to arrive
- The popular blockchains are under threat.
- The Cryptocurrency market is big enough to be shared. Trust
With such unprecedented success, Changpen has become a crypto star and he has grown Binance into the world’s largest cryptocurrency exchange by trading volume.