Phenomenal! With an exclamation point that you can add yourself, perhaps the word deserves to be pinned to Changpeng Zhao (CZ). How could it not? On July 1, 2017, he founded the crypto exchange, Binance. However, in about six months or since January 2018, Binance has transformed into the largest crypto exchange in the world to date. Quoting Coinmarketcap data, the crypto trading volume facilitated by Binance over the past 30 days to Tuesday (12/3) reached around US $ 22.6 billion.
Trading Bot
The crypto asset exchange business is very promising today. It also encourages many other players in the sector to make it easier to trade Bitcoin and other crypto-assets.
One that is currently in the spotlight is the “legal era of Bitcoin” trading bot. Reporting from Snipp.org some time ago, the Bitcoin Era has a success rate of up to 97 percent. This trading bot is compatible with Binance.
"These results indicate that it is possible to get sufficient profits in every trading session," said Snipp in his study.
It was also mentioned, that through our testing of Snipp, it appears that the algorithm of the Bitcoin Age is similar to that of a foreign exchange trading platform.
"The trick is to empower the analysis of large amounts of data in seconds," said Snipp again.
CZ Wealthy
Being the most valuable crypto startup, Binance made CZ famous and rich. In February 2018, Forbes placed him third on their list of “The Richest People in the Cryptocurrency Business”. As of September 2018, his net worth is estimated at US $ 1.4 billion. Quoting Forbes, as of Tuesday (12/3/2019) his total wealth reached US $ 1.2 billion.
McDonald's worker
In 1977, CZ was born in Jiangsu Province, China. Jiangsu is the most populous region in China with a population of more than 79 million. With the capital city of Nanjing, Jiangsu is indeed a leader in the finance, education, technology, and tourism sectors.
In the late 1980s, with his family, CZ moved to Vancouver, Canada. The move was not of his own accord, but because CZ's father, a professor in China, was labeled a "bourgeois intellectual" and was exiled from his country. As a teenager, CZ helped support her family by doing a number of jobs in the service industry, including being an employee at McDonald's. Indeed interested in the development of information technology, Zhao decided to major in computer science at McGill University in Montreal, Canada.
After graduating, Zhao started working at the Tokyo Stock Exchange for 4 years, developing securities trading software. From Tokyo, he moved to New York to work at Bloomberg Tradebook as a futures trading software developer.
In 2005 he returned to his hometown, then moved to Shanghai to establish Fusion Systems with 5 of his friends. Until now the company is still operating. CZ's corporate software product is known to be reliable because it is the fastest to handle high-frequency stock trading.
After 8 years at Fusion Systems, in 2013 he became involved in various crypto projects. That was because in 2008 he often talked about Bitcoin with Bobby Lee (founder of the BTC China exchange) and Ron Cao, an investor in BTC China. CZ also briefly anchored at Blockchain.info (now Blockchain.com) and has served as Chief Technology Officer (CTO) at the OKCoin crypto exchange. His encounters with Vitalik Buterin since 2013 in Las Vegas, and of course with other crypto activists, add to CZ's enthusiasm for swimming in that new ocean.
After 4 years working for another company, in 2017 CZ left OKCoin and founded Binance in July 2017. Part of the founding capital was obtained from Binance's Initial Coin Offering (ICO) which reached US $ 15 million in 20 days. At that time Binance's crypto assets were still on the Ethereum blockchain by Vitalik. And CZ was lucky, in about six months, it was able to turn Binance into the world's giant crypto exchange by trading volume.
"We are lucky. I don't really know how to trade properly. I'm a bad trader. But I know exactly how it works so I can make the right software for trading. I am like a sword maker for warriors, "CZ told Cointelegraph in October 2018.
In September 2017 the Chinese government banned crypto trading in the country. Binance was forced to leave and move to Japan. In March 2018, Binance also opened an office in Taiwan. In the same month, CZ intends to open an office in Malta, after the regulations in Japan and China are getting tighter. Binance is now headquartered in Hong Kong and has representatives in Singapore, London, and Shibuya, Japan.
In April 2018, Binance signed a cooperation agreement with the Bermuda government and the Malta Stock Exchange a few months later. CZ helped Malta to develop a securities token trading platform.
Binance's flutter doesn't stop. On January 16, 2019, the company announced the launch of Binance Jersey (Binance.je), a crypto exchange that focuses on serving the European market by providing Bitcoin (BTC) and Ether (ETH) pairs with euros (EUR) and pounds (GBP).
In late January 2019, Binance also announced a partnership with the payment company Simplex, which will allow users to buy crypto with a credit or debit card bearing the Visa and Mastercard logos.
Unlike most crypto exchanges, Binance develops its own blockchain technology, namely Binance Chain, whose test net version was launched on February 20, 2019. Indeed, having its own blockchain has been CZ's goal, since Binance was founded. To the community, without hitching a ride on another blockchain is a plus, because it reflects expertise and seriousness to grow.
"Since Binance was created, we have envisioned creating a native blockchain for our platform," wrote Binance on the company blog on February 18th 2019.
Not only that, to emphasize the expertise of the Binance team, CZ also created Binance DEX, a decentralized trading platform that runs on top of the Binance Chain. This provides users with an alternative to the usual centralized Binance platform. CZ certainly understands the logic of users who want to have complete control over all their crypto assets, because they can keep their own private keys. This means that if a user loses money on Binance DEX, don't blame CZ, because it doesn't store the private key of your assets.
“Binance Chain completes transactions almost instantly, with a time span between blocks of only one second. It's faster than other blockchains and just as convenient as regular Binance, ”CZ told the media recently.
But CZ's biggest goal is to develop the Binance Chain to be able to handle 40,000 transactions per second. This figure clearly far exceeds Visa's capability, which is an average of 24 thousand transactions per second.
image source: https://twitter.com/cz_binance
Interesting to discover a summary of the success of CZ!