According to Bloomberg, Binance chief Changpeng Zhao, also known as “CZ”, is currently ranked 11th on the list of the richest people in the world. The crypto-entrepreneur has amassed a fortune of $ 96 billion thanks to a thriving exchange business and the rapid value of Binance Coin (BNB).
The wealth of Czechoslovakia serves as a striking reminder of how profitable cryptocurrencies were for early users. It is also a sign that digital assets will become more mainstream in the next decade. (If you are reading this, there is a good chance that you will also be considered one of the early users of cryptocurrency.)
This week, “Crypto Biz” will describe CZ’s net worth, the latest developments regarding Binance Labs, the emergence of another Bitcoin (BTC) treasury and PayPal’s stablecoin plans. For a comprehensive update on business developments over the past week, sign up for the full newsletter below.
Binance Labs invests in the Oasis Ecosystem Fund
This week, the $ 200 million Oasis network development fund received another shareholder in Binance Labs, the venture arm of the CZ cryptocurrency exchange. Although Binance Labs did not disclose the size of its investments in the Oasis Ecosystem Fund, Chief Investment Officer Bill Chin mentioned the network’s potential and “privacy features” as reasons to support the initiative. On the same day that Binance Labs announced it, Oasis Network launched its first decentralized exchange, YuzuSwap. The total value of the safe DEX exceeded $ 100 million during the first 24 hours.
The state of Czechoslovakia surprises everyone
According to Bloomberg, Binance CEO Changpeng Zhao is the largest cryptocurrency billionaire and the richest person in Asia with a net worth of $ 96 billion. He is missing “only” 11 billion dollars on Larry Ellison, number ten, which is worth 107 billion dollars. Czechoslovakia’s net worth is attributed to the resounding success of Binance, the world’s largest cryptocurrency exchange by volume. Despite massive legislative changes in 2021, the company is stepping up its efforts to obtain operating licenses to maintain its global footprint.
Bitfarms is adding BTC to its vault
The Canadian mining company Bitfarms has made it clear that it is trying to store as many bitcoins as possible. Earlier this week, the company said it had already bought 1,000 BTC this year, bringing its total asset value to $ 177 million. “Our main strategy for our company at Bitfarms is to accumulate the most bitcoins at the lowest possible price and in the shortest time for the benefit of our shareholders,” said Emiliano Grodsky, CEO of Bitfarms. “As BTC falls and mining hardware prices remain high, we took the opportunity to transfer funds to BTC.”
Related: Top 5 Bitcoin Bull Stories in 2021
PayPal is preparing for a stablecoin project
PayPal’s reach for digital assets seems to be expanding after a senior business executive confirmed the existence of a stablecoin project in the company. The new stack coin, called “PayPal Coin”, is said to be supported by US dollars and expands the transaction opportunities in the crypto area. There is no timeline for the start of such a project, although PayPal’s VP of Cryptocurrency José Fernandez da Ponte has previously said that more clarity on regulation will be needed before some stack coins get the green light.