Crypto Biz: Here’s what you need to know about CZ’s $96B net worth, Jan. 6-13
Binance CEO Changpeng Zhao, also known as “CZ,” is now the world’s 11th richest person, according to Bloomberg. The crypto entrepreneur has amassed a $96 billion fortune on the back of his booming exchange business and the rapidly appreciating value of Binance Coin (BNB).
CZ’s wealth offers a startling reminder of just how lucrative crypto has become for early adopters. It’s also a sign of things to come as digital assets become more mainstream over the next decade. (If you’re reading this, there’s a good chance you’ll also be counted as one of crypto’s early adopters.)
This week’s “Crypto Biz” delves into CZ’s net worth, the latest developments concerning Binance Labs, the growth of another Bitcoin (BTC) treasury and PayPal’s stablecoin plans. For a comprehensive breakdown of business developments over the last week, register for the full newsletter below.
Oasis Network’s $200 million development fund received another contributor this week in Binance Labs, the venture capital arm of CZ’s crypto exchange. Although Binance Labs didn’t disclose how much it invested in the Oasis Ecosystem Fund, head of investment Bill Chin touted the network’s Web3 capabilities and “privacy-preserving features” as reasons for backing the initiative. On the same day that Binance Labs made its announcement, Oasis Network saw the launch of its first decentralized exchange in YuzuSwap. The DEX’s total value locked exceeded $100 million in its first 24 hours of operations.
According to Bloomberg, Binance CEO Changpeng Zhao is crypto’s biggest billionaire and Asia’s richest person with a reported net worth of $96 billion. He’s “only” $11 billion shy of 10th ranked Larry Ellison, who’s worth $107 billion. CZ’s net worth is largely attributed to the
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