How did CZ build the Binance empire in seven years? #BinanceTurns7it
赵长鹏 or Chanpeng Zhao, known as CZ, was born in a Chinese village 🇨🇳 in 1977 to a father who works as a teacher.
His family was forced to immigrate to Canada for political reasons, where they began a new life in Vancouver.
CZ worked at a gas station and McDonald's to help his family build their new life.
But despite their circumstances in their new country, the family was keen to encourage CZ's interest in technology.
Indeed, this encouragement played a major role in CZ’s enrollment in university to study computer science.
CZ's father's advice to his daughter has always been to look for a stable job. But reading CZ's book Rich Dad Poor Dad changed the course of his life.
Where CZ decided to leave his university and began his journey in the business market.
Early in his career, CZ worked developing trading systems for Bloomberg. Then in 2005 he decided to create his own company, Fusion Systems.
He successfully closed deals with huge banks such as GoldmanSachs and Credit Suisse. The reason for this success from CZ's point of view is that he was thinking like a sales representative and not just a technical engineer!
CZ took a big risk after hearing about Bitcoin from a friend.
It was then that CZ decided to go all in on Bitcoin.
So much so that he sold his apartment, left his company, and began his journey in the digital currency market.
CZ started his career in the cryptocurrency market as a CTO for Blockchain.Info and then worked as CTO of OKcoin.
After 8 months, CZ decided to leave his position at OKcoin and create his own platform. In 2017, CZ announced a platform project that he called #Binance
The name comes from the plural Binary + Finance = #Binance
Binance was launched through an ICO
During this time the price of $BNB was $0.15
Funding worth $15 million was raised
Within days, CZ officially launched the Binance platform on April 14, 2017. Binance’s success was huge from its first days.
In its first year, the average daily trading volume exceeded one billion dollars, and the number of its users reached 10,000,000.
It started competing for the Top 1 in the market.
#Binance lasted until July 2020.
Since then, Binance has been undisputedly at the top 1 in terms of monthly trading volume.
Although CZ personally faced several obstacles, they did not affect Binance.
Forbes estimates CZ's wealth at $58 billion, making him No. 26 on the list of the 100 richest people in the world.