Cryptocurrencies, along with investors, traders and exchanges, have made many people rich. But few people think about the world’s largest stock market. Binance‘s CEO earned more money than Changpeng Zhao. Zhao said in a recent interview that he doesn’t care about wealth and that his goal is to spread cryptocurrencies.
CZ spoke to Erik Schatzker at the Bloomberg New Economic Forum. The regulations addressed various aspects of the cryptocurrency industry, including Binance US, why Bitcoin has yet to emerge as a payment system, and what the future holds.
As for how much money Binance makes, he explained that it varies depending on the values of the tokens traded in the market. Binance does not take cash in cryptocurrencies. Most tokens are at all-time highs now compared to two years ago, so the company’s profits are much higher now, but this increase is only on paper as it holds all of the coins. Because 1 Bitcoin is still 1 Bitcoin if we ignore cash.
But regardless, for a company that makes nearly $50 billion on a bad day and over $150 billion on a good day, we can talk about quite a lot of returns. Zhao claims it’s around tens of billions of dollars a year, though he refuses to go around the problem and give a specific number.
As Bloomberg’s Schatzker observes, the famous CEO who owns the majority of the business is “one of the richest people in the world.”
Speaking of all his wealth, people are the richest cryptocurrency CZ is often on the radar when they look at their list of entrepreneurs. Forbes, for example, put Zhao’s fortune at just $1.9 billion this year. That’s well behind Ripple’s Chris Larsen at $3.4 billion and Brian Armstrong, founder of Coinbase, at $6.5 billion. Sam Bankman-Fried, founder of FTX exchange and Alameda Research, has been identified as the richest cryptocurrency billionaire with $23 billion. But Binance is much bigger than FTX. Zhao reportedly owns at least 30 percent of Binance. The exchange is said to be worth $200 billion, which would increase the famed CEO’s fortune to $60 billion, making him the richest person in the cryptocurrency industry. However, Zhao isn’t too worried about ranking.
“I’m not really interested in wealth, money and rank. As I said in a Forbes interview recently, I am determined to donate 99% of my wealth before I leave this world. When do people [zenginliğe] If they pay too much attention, they tend to lose focus.”
For the famous CEO, the most important thing is to “create tools for people to access crypto”.
One of the ways to attract more people to cryptocurrencies is to charge lower fees on its platform. Binance already charges much lower than its competitors, including Coinbase, Kraken, and FTX. Zhao believes these fees could drop even more as the stock market is already highly profitable.