Binance Head “CZ” Plans To Give Away Most of His Wealth

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November 18, 2021
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In an interview with the Associated Press published on Wednesday, the head of the world’s largest crypto exchange, Binance said he is looking to give away almost all of his wealth.

Changpeng “CZ” Zhao also said he doesn’t do much personal investing and that the majority of his wealth is in the form of Binance coin (BNB). Zhao said:

“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.”

According to Forbes, “CZ” has a net worth of $1.9 billion, however given that he is Binance’s largest shareholder and company executives valuing the company at $300 billion, should it go public, this must be significantly more.

While Zhao holds some Bitcoin that he purchased in 2014, he told AP that he doesn’t personally own equity in other crypto or non-crypto projects. Speaking of the popularity of meme coins he mentioned Dogecoin and said that he “doesn’t get it. Nevertheless, he added that:

“It 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.”

In contrary to the often-cited volatility that comes with cryptocurrencies, Zhao believes that the biggest factor hindering the growth of crypto is actually ease of use. He said:

“For the mass consumers, the first thing I would want them to understand is that everything is volatile.

You have to park your value somewhere. It could be a house, it could be stock, it could be U.S. dollars. But all of those things fluctuate against something else.”

The Binance CEO then went on to explain how the crypto market is still a relatively small market and that volatility is part of the game. He then went to the ease of use and added:

“[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.”

Whether it will improve the ease of use or not, Binance is stepping up compliance and taking a leading role to push for regulation. This week, the global exchange launched an advertisement campaign, increasing awareness, with the eye-catching title ‘Crypto is Evil’.

The post Binance Head “CZ” Plans To Give Away Most of His Wealth appeared first on iGaming.org.

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Author: Peter Siu

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