Binance CEO Changpeng Zhao Plans To Give Away Up To 99% Of His Wealth
Changpeng “CZ” Zhao, the CEO of Binance plans to give away up to 99% of his wealth, he said in a recent interview. The founder of the world’s largest cryptocurrency exchange also said he doesn’t understand Dogecoin (DOGE).
“Personally, I’m financially free. I don’t need a lot of money and I can maintain my lifestyle in this way. I do intend to give away most of my wealth, like many wealthy entrepreneurs or founders did, from [John D.] Rockefeller until today. I do intend to give away 90, 95 or 99% of my wealth.”
Zhao said he doesn’t personally invest much. Back in 2014 he bought some bitcoin, and said he has held on to most of that stake. Majority of his net worth is in Binance Coin (BNB). Personally he doesn’t own equity in any other projects, crypto or non-crypto, mainly to avoid potential conflicts of interest.
According to Forbes estimate the Binance CEO is worth $1.9 billion, but he is likely worth a lot more given that he is Binance’s largest shareholder. The Wall Street Journal recently reported that former Binance executives think the company could be worth as much as $300 billion, if it was to get listed.
Talking about crypto assets that started as a joke but soared in value, Zhao said
“To be honest, I don’t get dogecoin, [but] this shows the power of decentralization. What I think may or may not matter. 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.”
Zhao also said he thinks the largest factor hindering the growth of crypto is ease of use and not its oft-cited volatility:
“[Centralized exchanges] hold custody of people’s coins. But how to securely hold your tokens is a fundamental limitation factor. We have not provided easy-enough-to-use tools that are also secure enough today. But I think as the industry evolves, things will get better.”
