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Binance CEO Changpeng Zhao Says He Owns Nearly 100% of Net Worth in Crypto, Holds No Fiat

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CZ said he had sold his apartment to buy Bitcoin some years ago. Moreover, he also left his job back then.

Binance founder and CEO Changpeng Zhao has revealed that almost 100% of his net worth is in crypto. Zhao, the CEO of the largest exchange platform is also one of the world top crypto billionaires and has said he does not own much fiat currencies, except for cryptocurrencies. Zhao mentioned that most of his assets are in crypto while speaking with Bloomberg in an interview on the 7th of April.

Nearly Zhao’s Total Net Worth Is in Crypto

Apart from not owning many fiat currencies, Zhao said in the interview that he does not have any real estate. He said that he is one of the people “who value liquidity much more than owning something.” He added that he would prefer not to have anything.

In response to how much of his net worth is in crypto, Zhao replied:

“I would say probably close to 100%. I don’t own any fiat. The physical stuff that I own is probably negligible in terms of my networth. So, this is a concept shift, I’m not using crypto to buy fiat; I’m not using crypto to buy houses. I just want to keep crypto. And I don’t plan to convert my crypto into cash in the future.”

Speaking further, the CEO said he was in a hurry to sell his apartment after he got his first Bitcoin. He added he sold his apartment to buy Bitcoin and he also left his job back then.

He added:

“You can rent an apartment or stay in a hotel – that gives you much higher liquidity.”

Before now, Binance CEO had said that he had zero fiat. Zhao announced his zero holdings of fiat in a tweet posted on the 21st of February. When asked by a Twitter user how he makes payments he said that he uses the Binance Card to make payments where credit cards are accepted. He said that he converts crypto to fiat to make payments that support only fiat. He, however, added that he converts the exact amount of crypto to fiat and does not “hold fiat for any extended period of time.”

CEO Says Binance Offers Strongest KYC Programs

In addition, Zhao denied allegations that Binance has some issues with its know-your-customer (KYC) compliance.

The crypto billionaire said:

“That’s not true. Binance actually offers the strongest KYC, AML [anti-money laundering] programs. We use 8 or 10 different vendors for KYC alone around different parts of the world…But today we are probably the most complicated exchange worldwide.”

Also, Zhao was asked if Binance has plans to go public like Coinbase. The CEO replied that the exchange is not considering an initial public offering (IPO) for now. He added that the company is “cash-sufficient” and does not need a huge amount of money.

Notably, Coinbase announced its intent to become a publicly-traded company in a blog post published on the 28th of January.

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.



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Gate.io Burned $40M Worth GT Tokens in 2021 First Quarter

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Besides the token burn, Gate.io has undertaken the initiative to buy back GT tokens from the secondary market.

In a bid to raise the value of the GateToken coin, the Gate.io platform burned GT tokens worth $40 million in the first quarter. By reducing the coins in circulating supply and developing the market to increase the demand, Gate.io expects the GT token value to rally further amid the ongoing bull market and in the future.

“According to Block.info, Gate.io burned 10237374.905268 GT in Q1 in 2021, worth about 40 million U.S. dollars, accounting for 7.5% of GT’s current circulation,” the platform noted in a press release.

Currently, there are 165,700,942 units of GT tokens in circulating supply out of the total 300,000,000. According to metrics provided by CoinGecko, the GT token has a market capitalization of $649,437,154 with its past 24-hour trading volume at $49,057,756. The asset was trading around $3.94 having jumped approximately 0.9% in the past 24 hours. Notably, GT tokens have added approximately 169% in the past month, and are up over 800% in the past 12 months.

GT Tokens Market Outlook

Ranked at position 131 by CoinGecko, GT tokens are poised to rally further thanks to the token burn.

Besides the token burn, Gate.io has undertaken the initiative to buy back GT tokens from the secondary market. This is a method that has also been tested and used by Binance in its native coin BNB that has rallied astronomically in the recent past.

“Starting from September 1, 2020, Gate.io will use 15% of the profit of platform currency spot trading/margin trading/contract trading (and later, some primary new trading products) to repurchase and circulate GT from the secondary market and publicly destroy it. In addition, 5% of the repurchase profits will be used for GT R&D, market, and the building of the Gate ecosystem, and will no longer flow to the market. The total repurchase ratio is as high as 20%,” the company noted in the press release.

The company will constantly monitor the GT tokens’ market every four years before initializing buybacks. The method goes hand in hand with Bitcoin’s halving that occurs after every four years and reduces the rate of asset supply.

GateToken supply has significantly diminished in the recent past thanks to the constant changes in the company. Notably, there were 1 billion GT tokens in circulating supply and the company destroyed 700 million of them, leaving 300 million in the market.

In a series of discounted sales, Gate.io managed to recover up to 512,000 USDT, which were all included in the GT burn. Forward, a total of 20 million GT tokens have been allocated to build the Gate.io ecosystem.

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Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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Asset Management Firm Brevan Howard to Invest in Crypto Market

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Brevan Howard intends to diversify into various digital assets beyond Bitcoin and Ethereum. 

Brevan Howard, an asset management firm with approximately $10 billion in AUM, is reportedly eyeing the crypto market, according to a report by Bloomberg. Bloomberg reported that the firm hedge fund is ready to invest 1.5% of a $5.6 billion portfolio into cryptocurrencies.

Notably, the cryptocurrency investment dubbed ‘initial allocation’ will be headed by Johnny Steindorff and Tucker Waterman, co-founders of Distributed Global, a cryptocurrency investment firm. Distributed Global has made significant investments in various blockchain startups in the past.

Brevan Howard and the Crypto Industry

Alan Howard, the co-founder of Brevan Howard Asset Management and Elwood Asset Management, has in the past invested in blockchain and cryptocurrency-related startups. Earlier last month, digital asset custodian Komainu announced the closure of a $25 million Series A funding round led by the billionaire Alan Howard. “With over $3 billion in assets under custody, Komainu has become one of the leading digital assets custodians globally. I am pleased to support Komainu in its mission to bridge the gap between legacy finance and the digital assets class,” Howard noted.

The billionaire has made considerable progress in the cryptocurrency industry owing to the fact that he began investing years ago. Late last year, Alan backed One River Digital Asset Management’s $1 billion bets on crypto, particularly Bitcoin and Ethereum.

However, the Brevan Howard hedge fund has seen its assets under management declined from over $40 billion to around $10 billion as of last year.

Founded back in 2002, the firm has gone through several market ups and downs and in turn, gained experience over time. Choosing the cryptocurrency industry over the traditional stock market is an indication of the increasing digital assets’ demand by institutional investors.

Furthermore, digital asset investments have shown better resilience during the global coronavirus crisis than the traditional stock market or the precious metal industry.

Notably, Brevan Howard operates a number of funds, including two publicly available closed-end funds: BH Global (LSE: BHGG) and BH Macro (LSE: BHMG).

Brevan Howard intends to diversify into various digital assets beyond Bitcoin and Ethereum. The move is likely to attract more institutional investors amid the ongoing bull market that has attracted more retail traders.

A huge wave of retail investors have jumped into the cryptocurrency market through various means, but Dogecoin has surpassed other projects in the past few days. On the side of institutional investors, Bitcoin has been a better investment due to low volatility in the past few months.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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Tether Transaction Volume on Tron Blockchain Usurps That of Ethereum Blockchain

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Justin Sun, the CEO and founder of Tron and BitTorrent, says that he expects the popularity of the USDT stablecoin to increase.

For the first time, the volume of Tether transactions on the Tron blockchain has surpassed that of Ethereum blockchain. This is according to available data on CoinMetrics.

According to the data, the total market cap of the Stablecoin on the Tron blockchain stood at $24 billion while that of Ethereum is at $23.4 billion. This spike in transaction volume was largely due to the record low fees of the Tron blockchains which differs greatly from that of Ethereum.

In recent times, the Ethereum blockchain has had to deal with high transaction fees which has pushed most traders away from its network. Developers of the second largest crypto asset by market cap have attempted to resolve this with the implementation of different EIPs in its forthcoming hard forks. However, the network is gradually losing its dominance to close competitors like Binance Smart Chain and the Tron blockchain.

Justin Sun, the CEO and founder of Tron and BitTorrent, says that he expects the popularity of the USDT stablecoin to increase with time, especially with the recent spike in the interest in cryptocurrencies. In his words “the popularity and adoption of cryptocurrency and blockchain continue to grow, we expect USDT to continue to explode in popularity.”

Per the press release, Sun also went on to express his optimism that Tron’s blockchain would be able to become the protocol of choice for market players. “By crossing this historic milestone, I can proudly say that Tron is well-positioned to become the global settlement layer and the blockchain protocol of the future,” he says.

Usually, most traders use the USDT stablecoin to lock their gains during tradings as it is less prone to the volatility of the market because it is pegged to the US Dollars. In previous times, traders had little to no option apart from the Ethereum blockchain, whose transaction fees, like we stated earlier were high.

But with the recent developments, the numbers of Tether transactions and the amount of the Stablecoin on the Tron Blockchain has been able to flip that of Ethereum.

Notably, USDT is also the most traded crypto asset in the world. The stablecoin beats its more illustrious counterparts like Bitcoin, Ethereum and even the recent darling of many crypto enthusiasts – Dogecoin. This is according to available data from CoinGecko.

Tether or USDT is a TRC-20 token designed to ease accessibility and trade within the decentralized market. Initially designed to maintain value with the dollar and bridge the crypto-fiat currency bridge, Tether suffered some minor setbacks after its launch.

A series of scandals rocked the company, dipping investors’ faith in the stable coin and dropping its value; after several court actions, Tether seems to be in the clear. Though it is still not exchangeable for real US dollars, the coin remains the premier trading currency against Bitcoin. With 57% of all BTC trading done in February in USDT, Tether represents a significant source of liquidity for the Blockchain market.

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Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.



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