Binance CEO Changpeng Zhao, also known as \u201cCZ,\u201d is now the world\u2019s 11th richest person, according to Bloomberg. The crypto entrepreneur has amassed a $96 billion fortune on the back of his booming exchange business and the rapidly appreciating value of Binance Coin (BNB).<\/p>\n
CZ\u2019s wealth offers a startling reminder of just how lucrative crypto has become for early adopters. It\u2019s also a sign of things to come as digital assets become more mainstream over the next decade. (If you\u2019re reading this, there\u2019s a good chance you\u2019ll also be counted as one of crypto\u2019s early adopters.)<\/p>\n
This week\u2019s \u201cCrypto Biz\u201d delves into CZ\u2019s net worth, the latest developments concerning Binance Labs, the growth of another Bitcoin (BTC) treasury and PayPal\u2019s stablecoin plans. For a comprehensive breakdown of business developments over the last week, register for the full newsletter below.<\/p>\n
Oasis Network\u2019s $200 million development fund received another contributor this week in Binance Labs, the venture capital arm of CZ\u2019s crypto exchange. Although Binance Labs didn\u2019t disclose how much it invested in the Oasis Ecosystem Fund, head of investment Bill Chin touted the network\u2019s Web3 capabilities and \u201cprivacy-preserving features\u201d as reasons for backing the initiative. On the same day that Binance Labs made its announcement, Oasis Network saw the launch of its first decentralized exchange in YuzuSwap. The DEX\u2019s total value locked exceeded $100 million in its first 24 hours of operations.<\/p>\n
According to Bloomberg, Binance CEO Changpeng Zhao is crypto\u2019s biggest billionaire and Asia\u2019s richest person with a reported net worth of $96 billion. He\u2019s \u201conly\u201d $11 billion shy of 10th ranked Larry Ellison, who\u2019s worth $107 billion. CZ\u2019s net worth is largely attributed to the overwhelming success of Binance, which is the world\u2019s largest crypto exchange by volume. Despite a massive regulatory shake-up in 2021, the firm is ramping up efforts to obtain operational licenses to maintain its global presence. <\/p>\n
Canadian crypto mining firm Bitfarms has made it abundantly clear that it\u2019s trying to hoard as much Bitcoin as possible. Earlier this week, the firm said it had already\u00a0acquired 1,000 BTC\u00a0this year, bringing the total value of its holdings to $177 million. \u201cOur guiding company strategy at Bitfarms is to accumulate the most Bitcoin for the lowest cost and in the fastest amount of time for the benefit of our shareholders,\u201d said Bitfarms CEO Emiliano Grodzki. \u201cWith the dip in BTC while mining hardware prices remain high, we seized the opportunity to move cash into BTC.\u201d<\/p>\n