Changpeng Zhao provides a peek into his Billion-Dollar Crypto Portfolio

Changpeng Zhao, a Chinese-Canadian businessman, sold his house in China eight years ago once he read Bitcoin’s whitepaper. The founder and Chief Executive officer (CEO) of Binance recently revealed that he did not give up any of his tokens in the May-June market crash. 

Changpeng Zhao, also known as CZ, in an interview, talked about many crypto-related subjects. When the interviewer asked about his opinions on the BTC price drop from $65,000 to $30,000, he said that it is very common to witness such a decrease in a market like this, even if the market has gained a lot of momentum. 

The 44-year-old billionaire also revealed that Binance is more focused on its users than anything. He further revealed that the company has a ‘secure’ plan where it keeps 10 percent of all the transaction fees into a secure asset fund to ensure user protection.

Changpeng Zhao and safety of Binance

Changpeng Zhao is one of the richest people in the world and is ranked 22 in the top 50 richest personalities in Singapore. He has a net worth of 2 billion dollars.

Earlier, Binance faced a probe by US tax evasion and money laundering cases, which caused people to panic. Many raised questions about the safety of Binance assets, after which the company took a number of measures to deal with the situation.

When asked about how Binance is dealing with the frauds, he said that the exchange currently has opted for a mechanism in which the system asks for signatures of at least 7/15 people who don’t know one another. Also, it does not need to approve expenditures less than $3 million.

Changpeng Zhao revealed that the most important medium of contact between him and the crypto community is social media. Along with this, different cultures act as a spice to grow the platform globally.

Binance Smart Chain and Ethereum

It is interesting to see that CZ has invested 99% of its wealth in crypto. This includes BNB and BTC coins majorly.

When asked about the difference between Binance smart chain and Ethereum, he said that both are crypto exchanges with just one big difference: transaction speed. Binance has the capability to handle 1500-2000 transactions per second, while Ethereum can handle only 15 transactions per second.