Binance CEO plans to donate 99% of his wealth
Binance CEO Changpeng Zhao said he intends to donate up to 99% of his wealth. In a recent interview with the Associated Press, Zhao said he wants to take up the lead of other entrepreneurs and allocate almost all of his funds to charity. He noted that he considers himself financially independent and does not need a lot of money.
Zhao’s capital is almost $2 billion. He also owns most of the Binance cryptocurrency exchange shares, which has a valuation of up to $300 billion. Analysts estimated that Zhao’s net asset value is more than $200 billion.
The head of Binance said that he owns only two cryptocurrencies: Bitcoin and Binance Coin. He bought Bitcoins in 2014 and still holds most of them, but the majority of his wealth is Binance Coin. Zhao explained that he does not hold any other cryptocurrencies in order to avoid a possible conflict of interest.
Binance CEO admitted that he does not understand the increased popularity of Dogecoin. However, if people like digital currencies based on Internet memes, then these cryptocurrencies have value.
Zhao believes that the biggest limiting factor for the development of cryptocurrencies is the lack of sufficiently reliable and at the same time simple ways to keep the funds of users of crypto exchanges in safety.
According to Zhao, people feel more comfortable if they use the services of a licensed exchange. Therefore, Binance decided to become a digital asset service provider and open a central office in France. Binance is also interested in fan tokens. Zhao noted that he tries to make time to study these projects.
In his interview, Zhao spoke for the first time about his plans to do charity work. Despite the fact that the head of Binance is one of the richest people in the world, he leads a fairly modest lifestyle. Some well-known entrepreneurs, such as Bill Gates, Mark Zuckerberg and Michael Bloomberg, are also going to donate a majority of their wealth.
This week, Binance published a list of rules that can serve as a basis for the development of a worldwide legal framework in crypto markets.
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