Binance is one of the most widely discussed exchanges in the cryptocurrency market today, and there are several reasons why. First, the crypto world has suffered from a lack of charismatic leaders. While everyone in the cosmetics world, for instance, could point to Kylie Jenner as a face of the industry — or those who follow electric vehicles could spotlight Elon Musk — crypto instead tends to be populated by faceless names on Twitter. By definition, it can be somewhat of a shadowy world. But Changpeng Zhao, more popularly known as “CZ”, has managed to use his charisma and business acumen to rise to the top.
He’s only been in the crypto business since 2013, but CZ has waded into uncharted waters in a way that seems unprecedented. After a position as CTO of OKCoin, he then founded Binance in July of 2017. As the second anniversary of the company is being celebrated, it’s important to remember that CZ received only about $15 million in seed money. Although CZ doesn’t consider himself to be a savvy trader, he excels at building tools for those who are. In this new environment, which wasn’t the best time for crypto, CZ managed to make Binance the biggest crypto exchange on the planet, according to trading volume. What’s even more impressive is that he managed to do this before the exchange had even celebrated its first birthday. As a result, CZ’s net worth has skyrocketed. At the moment, he’s believed to be worth over a billion dollars.
However, the mission of Binance has never just been about making money. Not only does the exchange contribute to good causes, but it also helps to build up the blockchain community. Programs such as Binance Labs help new projects like Contentos. Even U.S. regulators couldn’t keep down CZ and Binance. When the exchange was faced with a challenge from the U.S. government, it then started to build a fully compliant exchange for American crypto users.
Over the course of two years, though, the company has faced challenges here and there. A recent hack resulted in a whopping $8 million being stolen from Binance. But all along the way, CZ and the rest of his employees have behaved impeccably. In the coming months and years, the one thing that is certain is that everyone will be watching Binance.
https://www.newsbtc.com/2019/07/08/binance-young-crypto-powerhouse-unicorn/
