The CEO of Binance, the world’s biggest crypto exchange, has revealed that nearly all of his net worth is invested in crypto. Changpeng Zhao, who initially sold his apartment in Shanghai to buy Bitcoin, is currently valued at $1.9 Billion. However, he doesn’t believe in Fiat currencies and only converts his crypto holdings when absolutely necessary.
In an interview with Bloomberg, Zhao also explained why he doesn’t own any real estate holdings either. He is a big proponent of liquidity, and that’s why he prefers renting a property instead. The detailed interview also touched on the subjects of Zhao’s humble beginnings in China. His family moved to Canada in the aftermath of the cultural revolution, and that’s where Zhao developed an interest in Computer Science.
When asked about the future of Binance, he revealed his plans to move forward with the Binance card. The card will make it easier for merchants and traders to accept crypto transactions. He is also working on turning Binance into a Decentralized Autonomous Organization soon.
CZ refused to comment on the ongoing CFTC investigation into his crypto exchange company. He says that the company takes the regulations seriously. Binance has also dabbled into the NFT craze recently, with its French division awarding users with NFTs. The company aims to make this initiative global in the near future.