Since late 2021, Zhao has lived in Dubai, which he considers a hub of innovation for the cryptocurrency industry. Although he came from the traditional financial space, Bitcoin inspired him with its lack of borders and intermediaries.
Changpeng Zhao, the most recognizable face in the cryptocurrency industry, accumulated his fortune in a relatively short period.
Cryptocurrency trading allows many to make or lose millions, as there is no cash shortage in the one-trillion-dollar sector. This year, the number of billionaires with a cryptocurrency fortune has grown from 12 to 19.
However, billionaire Changpeng Zhao, the founder of Dubai-based cryptocurrency exchange Binance, has a remarkable story. Although he is a self-made billionaire, his beginnings in China were humble.
The father of Zhao was a teacher labeled a pro-bourgeois intellectual who became an exile, which led them to Canada.
A Chinese Immigrant to Canada Who Lives in Dubai
Changpeng Zhao was twelve years old when his family moved to Canada. As a teenager in Vancouver, friends from different backgrounds and cultures accompanied him.
In late 2021, he chose Dubai as his new home as he considers the cryptocurrency space very international and diversified. In addition, he thinks the capital of the United Arab Emirates is a hub of innovation.
After graduating as a computer scientist in Canada, Zhao engaged in market-focused commercial software. He worked as an intern at the Tokyo Stock Exchange and had a four-year full-time job at Bloomberg.
Zhao developed commercial software for Wall Street while he was at Bloomberg. It aimed to help investors buy and sell contracts to trade an asset at a predetermined price.
After that, the Chinese-Canadian developer founded Fusion Systems, which created trading systems for brokers.
Before launching Binance, Zhao joined various cryptocurrency ventures, including his job as CTO of Blockchain.com. While there, he became interested in Bitcoin (BTC), the crypto asset created by Satoshi Nakamoto.
Although Changpeng Zhao came from the traditional financial space, Bitcoin inspired him with its lack of borders and intermediaries. The pioneering cryptocurrency addressed money-related issues like supply, freedom to trade, and low fees.
The Founder of the Largest Cryptocurrency Exchange by Market Capitalization
In 2017, the ideals of Bitcoin inspired Zhao to build Binance and launch BNB, its native token.
The value of Binance increased to USD 4.5 billion in April 2019, but it kept growing. After receiving approval to operate in April, the cryptocurrency exchange has taken the first step to expand in Abu Dhabi.
According to the Bloomberg Billionaires Index, Zhao occupies 35th place on the list of the wealthiest people. As of August 2022, he has an estimated net worth of USD 34.5 billion.
The executive recently commented that nobody has the right to criticize him for being of Chinese descent. He explained that his family had to leave for Canada due to political problems, not a lack of loyalty to China.
By Alexander Salazar
