Zhao Changpeng, CEO of Binance, said he would donate most of his wealth
Spark Global Limited reports:
The head of the world’s largest cryptocurrency exchange also said in an interview with the Associated Press that he personally doesn’t “appreciate” Dogecoin, but that he has no problem with it.
Binance CEO Zhao Changpeng (CZ) told the Associated Press in an interview published Wednesday that he plans to give away as much as 99 percent of his wealth. The head of the world’s largest cryptocurrency exchange also said he did not “appreciate” Dogecoin.
“Personally, I am financially free. I don’t need a lot of money. I can support myself the way I am. I do intend to give away the majority of my wealth, as do many wealthy entrepreneurs or founders, such as Rockefeller. I plan to give away 90, 95, even 99 per cent of my wealth, “Mr Zhao said.
CZ says he doesn’t have a lot of personal investments. He bought some bitcoins in 2014 and has held on to most of them. He said that most of his net worth is held in BNB and that he does not personally own equity in any other projects, cryptocurrency or non-cryptocurrency, to avoid potential conflicts of interest.
Forbes estimates CZ’s wealth at about $1.9 billion, but given that he is Binance’s largest shareholder, he could be worth a lot more. The Wall Street Journal recently reported that former Binance executives believe the company could be worth as much as $300 billion if it goes public.
When asked about dogecoin, CZ said, “To be honest, I personally don’t appreciate dogecoin very much.” But, he added, “It shows the power of decentralization. What I think may or may not matter. If enough people in the community value it, then it has value.”
CZ also said he believes the biggest factor holding back the growth of cryptocurrencies is the ease of use, rather than their often-cited volatility. “Centralized exchanges provide hosting services. But how to safely store tokens is a fundamental limiting factor. Today, we don’t have enough tools to make it easy to use, and we don’t have enough tools to make it safe. But I think things will get better as the industry develops.”