Changpeng Zhao (Chinese pronunciation: Trieu Truong Bang) is also known in the crypto world as CZ. He is the founder and CEO of the world’s largest cryptocurrency exchange Binance.
According to the Forbes billionaires ranking 2022, the founder and CEO of Binance is the richest person in the crypto space with a net worth of $17.4 billion. At the same time, he is also the 19th richest person in the world.
CZ founded the Binance cryptocurrency exchange in 2017, which is currently valued at up to 300 billion USD. But few people know behind that CZ has a hard and difficult past.
Expatriate from childhood and difficult adolescence
CZ was born on September 10, 1977 in Jiangsu province of China. He was born and raised in an intellectual family whose mother is a teacher and father is a professor. In the late 80s, his family was forced to flee to Vancouver, Canada to live because they were considered intellectuals close to the bourgeoisie. However, it was here that gave him an advanced and developed education.
CZ has to face barriers in terms of language, culture, … because of life in a foreign land. In addition, he has to complete his schoolwork and work part-time to support his family. CZ worked part-time at McDonald’s for a long time and just worked the night shift at a gas station. Although full of difficulties, CZ’s education has never been slack. After finishing high school, Chanpeng Zhao transferred to McGill University to major in Computer Science.
Promising turning point
He then went to Japan to join a company that developed software to help match orders for the Tokyo Stock Exchange.
In 2001, he came to the United States, joined Bloomberg and was mainly responsible for the development of software systems for futures trading. Here he has been working with leading experts in the field. After 4 years of accumulating experience with 3 promotions at the world’s largest corporations, he left to go his own way.
In 2005, CZ decided to return to Shanghai and founded Fusion Systems – one of the companies most famous for building a fast frequency trading system for brokers.
In 2013, from a friend who often plays Poker with him, he learned about Bitcoin. This can be said to be the first fate that paved the way for the future development of Binance.
In 2013, CZ officially broke up with her first child to come to the UK to join CZ joined Blockchain.info as one of 3 members of this cryptocurrency wallet group and quickly rose to the top position. CTO (Technical Director).
During this time, he collaborated with well-known figures in the industry such as Roger Ver, Anthony Antonopoulos, Ben Reeves, Nicolas Cary to develop cryptocurrency services. This is a valuable opportunity to help Changpeng Zhao as a premise to develop Binance later.
Then in 2014, he left London and returned to China and became the CTO of OKCoin exchange. Under the leadership of CZ, OKCoin quickly became the largest cryptocurrency exchange in the mainland. Eight months later, he announced his departure from OKCoin exchange when OKCoin had a contract dispute with Roger Ver.
In September 2015 he again returned to Shanghai to found BijieTech to develop cloud-based trading systems. The company also quickly became one of the leading service providers in China. After several times of working and still not very satisfied with his second child, he continued to leave.
Crypto empire was born
In July 2017, CZ decided to ICO (initial issuance of virtual currency – a method for project teams to raise capital) and raised 15 million USD with a total of 200 million Binance Coin. With the experience that I have, Binance CEO has quickly turned Binance from a startup to a leader in the crypto space in just 8 months, Binance has knocked out most of the exchanges that have dominated the market before. there.
Some of the reasons that help Binance grow so quickly can be mentioned as: The exchange launched the original BNB token and aimed to reduce transaction costs for those who are using BNB; Pay attention to the security system; The transaction speed is fast and can process about 1.4 million transactions in just 1 second.
Although in 2017, Binance had a fast pace, but besides that, this is also the reason why the Chinese government is touching. This is also the time when Chinese authorities issued an official ban on ICOs related to cryptocurrency transactions. The Binance CEO then had to take his child out of China. This is also an opportunity for Binance to expand more quickly. After that, Binance had 2 offices opened in Japan and Taiwan.
As of March 26, 2018, the company is officially headquartered in Malta and until now Binance seems to have offices in most of the countries. Besides, before the launch of Binance P2P (a platform that allows Binance users to make transactions in fiat), it showed that Changpeng Zhao was not at all conservative with the original concept. He is willing to change to adapt to the market.
Continue to dominate the cryptocurrency world
To date, the majority of products in the Binance ecosystem have been localized to suit cultures and languages in more than 24 countries. Binance also provides Blockchain technology platform to thousands of Startups around the world. Going deeper, in 2020, the CEO of Binance announced the creation of a $100 million incubator fund for decentralized finance (DeFi) projects and potential Blockchain technology applications.
In November 2021, at the Bloomberg New Economy Forum in Singapore, CZ told about the numbers behind the company’s rapid growth: in 24 hours, Binance processed $170 billion in transactions. The lowest day is also 40 billion USD. This number is much higher than only 10 billion USD 2 years ago.
On June 4, 2022, CZ came to Vietnam to attend Vietnam NFT Summit 2022, sharing his perspective on the future of blockchain in the process of global digital transformation, Vietnam’s opportunities in the new wave of technology. At the same time, Binance announced cooperation on research exchange, blockchain technology application and human resource training in the country.
Mai Dang Duc