The world’s biggest crypto fortune began with a poker game
Did you know that the world’s biggest crypto fortune started with a single poker game? Although it sounds simply unbelievable and as part of a well-written script, it is nothing but the truth. Nowadays, the world of cryptocurrencies is simply flourishing, attracting a considerable number of enthusiasts to invest in them.
Even when all these enthusiastic individuals around the world hear how it happened that the world’s biggest crypto fortune began with a successful poker game, it’s no wonder that they want to know all about it, as well as how it is possible to get rich with the help of Crypto.
But first of all, let’s see how it turned out that one man, almost overnight, became fabulously wealthy thanks to a single poker game and cryptocurrencies. This is the story of Changpeng Zhao, better known as CZ in crypto circles, and how the world’s biggest crypto fortune began with his poker game. Let’s get our story, shall we?
How the world’s biggest crypto fortune began with a single poker game
Abu Dhabi Grand Prix is known worldwide as one of the most famous Formula one motor racing events globally that attracts movie stars, princes, and top athletes every year to party on Yas Island. Yas Island represents the hub located half an hour from Abu Dhabi’s centre downtown, for those who don’t know.
In December 2021, Changpeng Zhao, a cryptocurrency pioneer, and software developer, was mingled among these VIPs and, believe it or not, a former MC Donald’s burger-flipper. He has managed to do something that no crypto enthusiast has ever done before. Practically overnight, Zhao has vaulted into the ranks on the list of the world’s wealthiest people on earth.
Changpeng Zhao quickly became an inevitable VIP guest in the United Arab Emirates, hanging out with royalty people in Abu Dhabi due to that immense overnight success. These royalties are ambitious to bring his Binance exchange to their country.
Besides hanging out with royalty, Zhao has got himself an apartment near Burj Khalifa, the tallest building in the world, where he hosted dinners and parties. He also hosted dinners on the city’s Palm Jumeirah island.
But, what do we exactly know about Changpeng Zhao? Let’s get to know him better before discovering how the world’s most immense crypto fortune began with his poker game, shall we?
Who is Changpeng Zhao exactly?
Cryptophilies know him by his acronym CZ as a Chinese-Canadian business executive and one of the most successful crypto pioneers in the world. He’s a proud founder and Chief Executive Officer of the world’s leading crypto exchange, Binance.
According to the Bloomberg Billionaires, Changpen Zhao’s net worth is $US96 billion ($133 billion). It was the first time that Bloomberg estimated his fortune. According to his crypto holdings, keep in mind that his absolute fortune is significantly greater than these numbers.
However, Zhao worked hard and diligently during his young years to get to the position he is now. Not many of these enthusiasts know his background story and how he became so famous, thrived throughout the years, and became a person remembered by the story called “The world’s biggest crypto fortune began with a single overnight poker game.”
Changpeng Zhao’s early life and education
Changpeng Zhao was born in 1977 to Chinese parents who were both teachers in the Chinese province Jiangsu. This particular province is known as one of the leading ones in finance, technology, education, and tourism. When Zhao was 12 years old, he moved with his family to Vancouver, British Columbia, in Canada.
Changpeng Zhao helped his family financially by working various service jobs in his teenage years, such as burger-flipping in the famous MC Donald’s restaurant. He majored in computer science.
Zhao’s career progress
After finishing University, Zhao went to Tokyo for an internship at the Tokyo Stock Exchange. His main job was developing software for matching trade orders. Once he finished the internship, Changpen worked for four years, full-time, as a developer at Bloomberg Tradebook. He was developing futures trading software for them.
In 2005, Zhao moved to a much bigger Chinese city, Shanghai, where he founded famous Fusion Systems, known as a trading system for brokers. This system was considered one of the fastest high-frequency trading systems globally at that time.
In 2013, Zhao worked for the Blockchain.info project and as a chief tech officer of OKCoin, among many other projects. A year later, Zhao sold his apartment in Shanghai for one million dollars to purchase Bitcoin.
Leaving OKCoin in 2017 was the most brilliant move for him since he launched a crypto exchange in July the same year after raising $15 million in an ICO. We all know that crypto exchange very well. It’s called Binance.
The success of Binance and launching the Binance Smart Chain
As of April 2018, Binance has managed to become the world’s largest cryptocurrency exchange by its trading volume. Besides this crypto exchange, Changpen has also launched Binance Smart Chain, a famous blockchain network.
It made a compelling contribution to the advancement of the decentralized finance industry. According to Forbes Magazine, in February 2018, Changpeng Zhao was the third richest person in cryptocurrency, with an estimated $1. 1-2 billion back then. In 2021, the Binance coin, known as BNB, shot up approximately 1,300%.
Binance Holdings Ltd. has managed to become one of the best destinations for trading alternative coins. For newbies, alternative coins are cryptocurrencies that are more established than less liquid tokens such as Ethereum and Bitcoin.
The company allows traders to trade in more than 350 coins twice as much as Coinbase offers on its international exchange. What Binance successfully did is that it managed to create “user stickiness” in part by allowing usage of Binance Coin to reduce trading fees.
What did Binance allow to its clients?
Initially, Binance allowed its clients to open accounts by only using their own email addresses. The main focus of Binance was crypto-to-crypto transactions, restraining their interactions with banks and their regulators.
The company has also announced some time later that all new users are required to verify their identity, while those who were existing users and declined to do so will be limited to withdrawals.
Issues faced by Binance Holdings Ltd.
Even though Zhao has managed to achieve great success with his company, Binance Holdings, the company has been dealing with regulatory investigations worldwide. Its success underscores the vast riches that were created in the crypto universe without restraint.
It’s clear that there has been controversy around the company since it was banished from China, where it was founded. What happened is that the US Internal Revenue Service and the Justice Department have been investigating whether Binance Holdings Ltd., which is under Changpen’s control, is a conduit for tax evasion and money laundering.
The future of his company will depend on whether it will be able to reconcile with regulators and find a legitimate place to set its headquarters. However, at the present moment, Binance doesn’t have any problems with money constantly pouring in.
According to a Bloomberg analysis of its fees and trading volume, Binance Holdings Ltd. has generated a minimum of $20 billion in revenue during the last year.
Binance’s statement
Even though Changpen Zhao declined to comment on the whole issue, there’s been an official statement by Binance Holdings Ltd.:” Crypto is still in its growth stage. It is susceptible to higher levels of volatility. Any number you hear one day will be different from a number you hear the next day.”
A subject of consumer warnings in some countries
In addition to all this, Binance Holdings Ltd. company has been the subject of consumer warnings in the United Kingdom, Japan, and Germany, among other countries as well. A Canadian securities regulator reprimanded Binance Holdings Ltd for stating to the users of its trading platform that it was entirely legal for continuing trading operations in Canada. At the same time, there was still a lack of registration to do so.
Binance’s spokesperson stated that the company is working with regulators from all over the world and that they’re taking their compliance obligations extremely seriously. Changpeng Zhao also stated that he welcomes and desires regulation for his own company as soon as possible.
Summary
Until recently, it was infrequent to find any crypto entrepreneurs to appear on global wealth rankings until recently. As more companies in the crypto industry tap public markets or venture-capital funding, an increasing number are cutting. It brings more comprehensive transparency into the actual value of these businesses.
It’s no secret that the crypto industry’s fortunes have ballooned, along with the value of digital tokens, which has managed to reach $US2.09 trillion as of January 7, 2022. It was more than $US135 billion three years ago.
Knowing how the world’s biggest crypto fortune began with a poker game, it’s clear that the world of cryptocurrencies is flourishing. Undoubtedly, it will continue to flourish with the emergence of new cryptocurrencies and ways to invest, trade, and make money.
If Zhao has managed to achieve the world’s most significant crypto fortune with a single poker game overnight, it means that anything is possible. It’s an inspiring story for all crypto enthusiasts worldwide who are eager to generate significant profits with the help of cryptocurrencies.
