On April 6, 2021, Zhao told Bloomberg Markets that nearly 100% of his liquid net worth was in the form of cryptocurrency. In an interview with The New York Times, Zhao said people are getting into crypto as they see it grow, "trade it and make money off it as opposed to using it", but that the market will always self-correct. In 2022, Zhao invested $500 million through Binance to finance the Acquisition of Twitter by Elon Musk. In February 2018, Forbes Magazine placed him third on their list of "The Richest People In Cryptocurrency" at an estimated $1.1-2 billion. Zhao also launched blockchain network Binance Smart Chain that has made significant contribution to the development of the decentralized finance industry. In less than eight months, Zhao grew Binance into the world's largest cryptocurrency exchange by trading volume, as of April 2018. In 2014, he sold his Shanghai apartment for about $1 million to use this money on Bitcoin.Īfter launching the cryptocurrency exchange in July 2017, Binance were able to raise $15 million in an initial coin offering and the exchange started trading eleven days later. In 2005, he moved to Shanghai where he founded Fusion Systems, a trading system for brokers known for "some of the fastest high-frequency trading systems for brokers." īeginning in 2013, he worked for various cryptocurrency projects including and also served briefly as the chief technology officer of OKCoin. He then worked full-time for four years at Bloomberg Tradebook where he was a developer of futures trading software. Career Īfter graduating university, Zhao received an internship in Tokyo working for a subcontractor of the Tokyo Stock Exchange, developing software for matching trade orders. Zhao attended McGill University in Montreal, Quebec, where he majored in computer science. In his teenage years, Zhao helped to support his family by working a number of service jobs, including at a McDonald's. His father worked as a university instructor before he was branded a "pro- bourgeois intellect" and exiled to rural areas shortly after Zhao's birth. In the late 1980s, he moved with his family to Canada when he was 12 years of age, settling in Vancouver, British Columbia. Zhao was born on Septem in China’s Jiangsu province.
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