Changpeng Zhao was born in 1977 into a family of teachers in Jiangsu province in China. Her parents did not support the policies of the Chinese Communist Party, and her father took part in protests against the authorities, known as the ” Tian’anmen Square protests “, when troops dispersed protesters outside. using guns and tanks.
Fearing persecution by the authorities, Changpeng’s parents moved to Canada, to Vancouver. There, the future billionaire goes to school and at the same time works part-time at McDonalds to help his parents. After school, he entered the University of Montreal in the Faculty of Computer Science. During his studies, Changpeng Zhao learns stock market trading , which determines his future. After completing his training, he first worked at the New York Stock Exchange, where he developed a trading order system. After that, he got a job in Bloomberg’s finance department as a software developer for trading platforms .
After joining Bloomberg, Changpeng’s career evolved rapidly. In just four years, he received four promotions. In 2005, he was already in charge of coordinating three development teams based in London, Tokyo and New Jersey.
It seemed like life had been a success and he could rest easy on his laurels, but Zhao wanted more and that’s why he left Bloomberg and opened his own company, Fusion Systems. He will work there for 8 years, doing the same thing as before, namely the development of various exchange services . But in 2013, Changpeng Zhao discovered cryptocurrency and with the Bitcoin white paper written by Satoshi Nakamoto , .
Changpeng Zhao began to study this new world by attending all thematic lectures and other events, if possible. He thus met the founder of the BTCC exchange Bobby Lee and Roger Ver, known at the time under the pseudonym of Bitcoin Jesus . Taking advantage of new acquaintances, Zhao got a job at Blockchain.info, which at that time was still a little-known start-up. It is believed to be Changphen Zhao’s personal contribution that allowed Blockchain.info to grow rapidly to become one of the top players in the blockchain industry .
In 2014, Zhao joined OKCoin, the largest cryptocurrency exchange at the time, where he worked for about a year and made many useful contacts. But he didn’t stay there for long due to problems within the team, which could be related to the fact that the management had rejected his ideas for the development of the company.
After leaving OKCoin Changpheng, Zhao does not give up cryptocurrencies, and instead begins to prepare for the launch of his own exchange. Interesting fact: Zhao says he sold his house and bought Bitcoin for 0 in 2014, after which the first cryptocurrency crashed to $200. But he still hadn’t given up on the cryptocurrency sphere, panicked, or abandoned his plans.
Creation of Binance
In 2017, during the ICO boom , Changpeng Zhao founded the Binance cryptocurrency exchange. Originally the equivalent of 10,000 dollars was present on the platform, invested with its own funds.
The majority of the platform team was made up of employees that CZ lured from OKCoin.
Binance was the first exchange launched following an ICO, raising $15 million. The secret to success was issuing its own cryptocurrency , BNB Coin , which offered its owners a lot of advantages when trading on the platform.
In less than a year, Binance has become the top exchange by daily volume and its BNB Coin token is in the top 20 cryptocurrencies by capitalization . But even such a result did not satisfy Changpeng Zhao who is currently working on creating his own decentralized exchange , opened a trading platform in Ugadna supporting fiat currencies and plans to launch similar services on each continent. . But the main plan for the development of Binance is to turn the exchange into a decentralized community of traders who will work on a special blockchain, and in which BNB Coin will be used as the main cryptocurrency.
Principles of life
In conclusion, we would like to talk about Changpheng Zhao’s life principles and that he is highly respected in the community. First of all, when an important event happens at Binance, such as a malfunction, the addition of new assets or the opening of subsidiaries, Changpeng is the first to announce it on its twitter . He is always available and respectful towards the customers of the exchange in all circumstances.
Second, Zhao strongly supports cryptocurrencies. He thus criticized Warren Buffett himself, explaining all his attacks against Bitcoin by the fact that Buffett simply does not understand what cryptocurrencies are. And when Vitalik Buterin wished centralized exchanges to burn in hell, he interceded for his platform and politely put the creator of Ethereum in his place. Explaining that centralized exchanges are the main gateway to raise capital in the cryptocurrency industry and that without them the situation would have been much worse.
It was the story of billionaire Changpeng Zhao, if you ever have things to share about this personality, do not hesitate to do so in the comments!