Truth be told, when we all started learning about cryptocurrencies, Binance was one of the exchanges we first got to know about. It is primarily the first choice of every trader because of its user-friendly features and interface. But, before you start learning more about Binance, you should know about its founding father, Changpeng Zhao, who is popularly known as ‘CZ’ within the community. If you keep track of the happenings in the crypto verse, chances are high that you will come across his name almost daily. So, it seems time to learn more about the famous ‘CZ.’
Early Life of Changpeng Zhao
Changpeng Zhao is Chinese by origin. He was born in Jiangsu province to parents who were schoolteachers. However, his stay there was short as he had to move to Canada when he was 12 years old because his father scored a job at the University of British Columbia. Changpeng Zhao’s endeavors have always had us speculate that he must have been a smart kid. It turns out true, as CZ soon started coding at 16.
Before Entering The Crypto World
Changpeng Zhao went to McGill University to pursue a degree in computer science. He also secured an internship in a Japanese organization in 2001. After four years, CZ moved to Shanghai and started working on high-frequency trading software. However, shortly after, he got an offer to work at Bloomberg Tradebook.
Changpeng Zhao’s started interested in Bitcoin when he heard about it at a poker game. The conversation must have been very intriguing as he soon downloaded the token’s white paper and began learning the technology.
However, his first venture was not related to cryptocurrencies. CZ started a company which was known as Bijie Tech. The startup helped exchanges by providing them with systems and software. After gaining some knowledge in business in 2017, Changpeng Zhao finally started his crypto venture, which we all know as Binance.
However, what gave him a head start with his new venture was also his previous experience at crypto organizations. Not many know about this, but Changpeng Zhao joined the crypto team at Blockchain.info in 2013 and as a Chief Technology Officer at OKCoin. However, his tenure at the last firm lasted less than a year. Changpeng Zhao’s talent wasn’t wasted, as he soon collaborated with Yi He, who later co-founded Binance.
You might be surprised to find out that CZ also worked at a McDonald’s. His savings from the job and the money gathered by selling his apartment gave him the funds to start Binance.
Like its founder’s roots, Binance also has its origin in China. However, it soon had to move its headquarters from the country as the government banned crypto trading. But that did not stop the crypto exchange from flourishing.
Soon after Binance’s ICO was conducted, it became the largest cryptocurrency exchange. Its rise to dominance was a spectacle for the community as Binance held on to its title for over three years.
Besides being a storehouse of several cryptocurrencies, Binance is known for its native coins, Binance Coin or BNB, and BinanceUSD or BUSD.
Changpeng Zhao’s Advice
Besides providing traders with an efficient platform, CZ also shared invaluable lessons. Sharing one of his business strategies, he mentioned that using a token you have created as collateral is always a bad idea. In the crypto business, it is common for founders to get overwhelmed and put their tokens at stake, especially if they have a large reserve. However, that is a wrong move, as having a reserve with a substantial amount of tokens will be beneficial to rack up profits or funds for your business when the market is acting in your favor.
Surprisingly, Binance has never used its native coin BNB as collateral. That is why you have never heard of the exchange indebted to an organization or individual.
If you plan to build a career or start a venture surrounding crypto, it would be best to learn from one of the pioneers. We cannot imagine where crypto would have stood today without Changpeng Zhao’s contribution. So, before you pour your energy into figuring out the complex operations of new exchanges, you should try Binance.