Cryptocurrency CEO surpasses Ambani to become Asia's richest man, starting by selling apartments

The boom in the cryptocurrency industry has made Binang's founder, Chang Peng Zhao, the richest man in Asia. Zhao is ranked 11th on the list of richest people in the world. With a net worth of अर्ब 96 billion, Zhao, 44, has surpassed Mukesh Ambani to become the richest man in Asia.

Finance's rapid growth is expected to surpass that of IT giants Mark Zuckerberg of Meta and Google founders Larry Page and Sergey Brin. This is according to Bloomberg estimates based on last year's estimated sales of Finance. Zhao owns 90 percent of the company. Finance earned  20 billion last year alone. 

That's three times more than Coinbase, the largest cryptocurrency exchange in the United States.

Zhao's wealth is said to be greater than it appears, as his current wealth does not include his personal crypto. Zhao's net worth is अर्ब 96 billion, excluding personal Bitcoins and Binance Coins. The value of their cryptocurrencies has risen by 1,250 percent in the past year alone.

According to the latest Bloomberg Billionaire Index, Zhao's net worth is estimated at at least  96 billion.

Currently, Zhao's wealth is the same as that of Larry Ellison, the founder of Oracle. Analysts say Zhao's achievement is a sign that the world is moving towards digital currency.

Just last year, other crypto founders, Ethereum creator Vitalik Buterin and Coinbase founder Brian Armstrong, joined the Dollar Billionaires Club.

Sam Bankman Fried, CEO of Cryptocurrency Exchange FTX, says the crypto industry has been able to build a significant amount of wealth over the years.

Fried, a young billionaire himself, told a virtual discussion at the Asian Financial Forum in Hong Kong that many people may be surprised by the success of the crypto industry right now.

Zhao tweeted about his success: 'Don't worry about ranking. Focus on how many people you can help. '

After that, Zhao also did another tweet. In it, he writes, "unpopular thinking: there should be a ranking of charities and humanitarian services and initiatives instead of a ranking of assets."

According to a spokesman for Finance, Zhao, like other industrialists and founders, wants to invest up to 99 percent of his fortune in philanthropy.

Over the years, world-renowned business leaders such as Mark Zuckerberg, Warren Buffet, Bill and Melinda Gates have begun donating much of their wealth to social work. Zhao wants to follow suit.

Zhao started Binance in 2017, which has gradually become one of the largest crypto exchanges in the world. Zhao is a young man raised in an immigrant family in Canada who even worked at a McDonald's to raise a family.

After graduating from McGill University with a degree in computer science, he worked for the Tokyo Stock Exchange and Bloomberg Trading Software. While playing poker online in 2013, he started reading about Bitcoin. Since then, he has decided to pursue a career in the crypto industry. He even sold his apartment to buy Bitcoin. Like other exchanges, Binans also faced various hurdles from regulators around the world in its early days.Other countries, including the United Kingdom and Canada, have banned it.

Zhao wrote an open letter last year stating that regulation of the crypto industry was necessary for its continued growth. "The more regulation there is, the more the industry is maturing," he said. This is because of the fact that it provides a safe haven for large populations to engage in crypto trading. "