Changpeng Zhao Reveals He Holds Bitcoin and Binance Coin
Binance CEO has revealed that he currently holds Bitcoin and Binance Coin and intends to give away most of his wealth to charity.
CZ Holds Bitcoin and BNB
Binance is roughly four years old, and the cryptocurrency exchange is currently the largest in the world. The exchange processes billions of dollars in transactions daily, making it one of the most important entities in the crypto space.
The exchange’s CEO, Changpeng Zhao, recently revealed during an interview with Associated Press that he currently holds bitcoins and Binance Coin (BNB), the native coins of the Binance ecosystem. When quizzed about his investments, CZ said;
“I bought some Bitcoins in 2014. I spent a little bit of it over time, but I held onto most of it. I did not sell. The other asset I hold, which is the majority of my net worth, is BNB (Binance coin). Personally, I don’t hold any other coins. I am a decent-sized shareholder in Binance if we ever want to realize the equity value someday.”
CZ said he doesn’t hold equity in other projects because he doesn’t want any potential conflicts of interest. The Binance CEO added that he lives a very simple life and intends to give away 90, 95 or 99% of his wealth to charity.
CZ is Worth Nearly $2 Billion
Changpeng Zhao is one of the most influential people in the cryptocurrency space, and he is worth nearly $2 billion. According to Forbes, CZ holds a 30% stake in Binance, with a net worth of $1.9 billion. The number of cryptocurrency billionaires has increased in recent years, thanks to the market growing to become a $3 trillion sector.
Other crypto billionaires on the Forbes list include Sam Bankman-Fried, the Winklevoss twins, Barry Silbert, Fred Ehrsam, Brian Armstrong, Tim Draper, Matthew Roszak, Michael Saylor, Chris Larsen and Jed McCaleb.
Changpeng Zhao said although he doesn’t get Dogecoin, the coin’s performance over the past year shows the power of decentralization. “If a large enough number of people in the community values it because it’s cute because they like the meme, then it has value,” the CEO added.
Binance has come under regulatory scrutiny in recent months, but the exchange has been making changes to ensure it operates within the purview of the law.