![]() ![]() If it can, data firms disagree on how much value to attribute to those holdings.īreaking with its habit of not disclosing sensitive financial information, Binance issued a public transparency statement almost two months ago, listing select crypto holdings. dollar conversions are as of January 19, 2018.There’s substantial controversy about whether Binance’s BNB–a token whose minting and supply the exchange controls–represents a genuine asset that can meet external obligations in times of distress. And as the biggest owner of Binance tokens his plan to use 20% of its profits every quarter to shrink Binance’s token capitalization by 50% will only move him higher on our crypto-rich list. His trades are fastest and most reliable, and unlike most other coins, his offer real value to holders in the form of a 50% discount on trading fees. In a nod to idealists-who believe the blockchain will reclaim an Internet co-opted by power-hungry behemoths like Google, Amazon and Facebook, and usher in digital innovation and prosperity, accessible to all -Binance has embraced community voting for listing tokens.īut make no mistake, builder Zhao, is in the crypto-gold rush to win. At 3%, the chances of getting in are lower than being accepted into Harvard. "We've received over 5000 applications for coin listings," boasts Zhao explaining that his team only welcomes projects that have strong credibility, user base, and liquidity. CZ says he plans to double the size of his existing team to 300 in the next three to six months.īinance now supports about 120 coins, working with 100 plus wallets and 240 trading pairs. At the time this issue goes to print, he's broadcasting to his 33,000 followers on Twitter that Binance is hiring developers and customer support staff in Taiwan. “We have desks right outside the toilet,” declares Zhao. So Binance was forced into a space with only room for small work stations crammed next to each other. they say the taxes you paid last year is not going to be able to cover one month of rent." Because Binance didn’t have a record of scaling business in Japan, the company’s ability to sign a lease on a large office was limited. Today, 38% of Binance’s users are in the U.S. Binance’s trading volume is no longer dominated by China. Zhao’s recent relocation to the land of the rising sun, and then to Formosa has meant some changes. ![]() The $15 million he raised in Binance’s 200 million token crowd-sale last July caught Bitcoin’s breathtaking ascent perfectly. But it wasn’t until last year when the ICO boom gained steam and volume began to soar, that he decided to make his move. Without the connection to financial institutions, the risks and regulatory complications that his former colleague Ver warned him about would be lower. He also worked at OKCoin as chief technology officer for less than a year, a platform for spot trading between fiat and digital assets.Īll the while, Zhao was thinking about starting his own pure play digital asset exchange that would not touch fiat currencies. As head of development for eight months, he worked closely with well-known Bitcoin evangelists like Roger Ver and Ben Reeves. He joined as the third member of the cryptocurrency wallet’s team. He began bouncing around prominent crypto projects. Then, in 2013, Zhao learned about Bitcoin from a venture capitalist with whom he played poker. ![]()
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