Here’s what you need to know about CZ’s $96 billion estate, January 6-13

Here’s what you need to know about CZ’s  billion estate, January 6-13

Binance CEO Changpeng Zhao, also known as “CZ,” is now the 11th richest person in the world, according to Bloomberg. The crypto entrepreneur has amassed a $96 billion fortune thanks to his burgeoning platform and the rapid appreciation in value of Binance Coin (BNB).

CZ’s wealth is a striking reminder of how lucrative cryptocurrencies have become for early adopters. It is also a sign of things to come as digital assets gain adoption over the next decade. (If you’re reading this, there’s a good chance you’re also an early adopter of cryptocurrencies.)

This week’s “Crypto Biz” delves into CZ’s net worth, the latest happenings around Binance Labs, the growth of another Bitcoin (BTC) treasury, and PayPal’s stablecoin plans. For the full summary of last week’s trading events, sign up below for the full newsletter.

Binance Labs invests in the Oasis ecosystem fund

Oasis Network’s $200 million development fund this week received another contributor in Binance Labs, the venture capital arm of CZ’s cryptocurrency exchange. Although Binance Labs did not disclose how much it invested in the Oasis ecosystem fund, chief investment officer Bill Chin touted Web3 capabilities and “privacy-preserving features” as reasons to support the initiative. On the same day that Binance Labs made its announcement, Oasis Network saw the launch of its first decentralized exchange on YuzuSwap. The total value locked of the DEX exceeded $100 million in its first 24 hours of operation.

CZ’s net worth shocks everyone

According to Bloomberg, Binance CEO Changpeng Zhao is the largest cryptocurrency billionaire and the richest person in Asia, with a net worth of $96 billion. He is “only” $11 billion behind 10th-ranked Larry Ellison, who has $107 billion. CZ’s net worth is largely attributed to the overwhelming success of Binance, which is the largest cryptocurrency exchange by volume in the world. Despite a major regulatory shake-up in 2021, the company is ramping up its efforts to obtain operating licenses to maintain its global presence.

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Bitfarms adds BTC to its treasury

Canadian cryptocurrency mining company Bitfarms has made it very clear that it is trying to hoard as much Bitcoin as possible. Earlier this week, the firm said it had already acquired 1,000 bitcoins this year, bringing the total value of its holdings to $177 million. “The strategy that guides the company at Bitfarms is to accumulate the largest amount of Bitcoin at the lowest cost and in the shortest time possible for the benefit of our shareholders,” said Bitfarms CEO Emiliano Grodzki. “With BTC falling while mining hardware prices remain high, we took the opportunity to invest in BTC.”

PayPal prepares a stablecoin project

PayPal’s adoption of digital assets appears to be broadening after a senior company executive confirmed the presence of an internal stablecoin project. Dubbed “PayPal Coin”, the new stablecoin will reportedly be backed by US dollars and will bring more transactional functionality to the cryptocurrency space. No date has been given for the launch of this project, although PayPal’s vice president of cryptocurrency, José Fernández da Ponte, has previously stated that more regulatory clarity would be needed before giving the green light to any stablecoin.