The Rise of Changpeng Zhao: From McDonald’s to Billionaire
By Changpeng Zhao, better known as CZ, has had an extraordinary journey from a McDonald’s employee to a cryptocurrency billionaire. His story is a testament to the power of perseverance and innovation.
Early Life and Career of Changpeng Zhao
Born on September 10, 1977, in Jiangsu, China, Changpeng Zhao grew up with a father who was a professor. Their life took a dramatic turn during the Cultural Revolution when his father faced repression, leading the family to emigrate to Canada in the late 1980s. Zhao spent his childhood in Vancouver, where he first showed interest in technology and finance. While studying at school, he worked part-time at McDonald’s to support his family.
Later, he enrolled at McGill University in Montreal, where he pursued computer science. After graduating, Zhao began working at the Tokyo Stock Exchange, contributing to the development of software for stock trading. He soon moved to Bloomberg Tradebook, where he played a key role in creating high-frequency trading systems for Wall Street. His talents were quickly recognized, and he became the head of a team responsible for developing trading platforms in three regions of the world. This period taught him a lot about exchange technologies, trading algorithms, and financial systems.
Despite his success, Zhao felt constrained by the regulations and bureaucracy of traditional financial structures. In 2005, he left Bloomberg and founded Fusion Systems, a company focused on developing high-frequency trading programs.
Entry into Cryptocurrencies
In 2013, a fateful poker game with Li Qiyuan, the founder of Bitcoin China, marked a turning point in Zhao’s life. Although initially unfamiliar with cryptocurrencies, Zhao was intrigued by the idea of decentralizing money. Li explained how Bitcoins operated independently of governments and banks, viewing them as ideal digital currency. Inspired, Zhao decided to pivot his career and sold his startup. He joined Blockchain.info, one of the first cryptocurrency wallets, diving deep into the world of cryptocurrencies.
Emboldened, Zhao invested significantly in bitcoin in 2014. Despite the risks, he sold his property in Shanghai and put all his money into Bitcoin. At that time, the exchange rate was around $600, but it soon dropped by half, contrasting sharply with the surging value of real estate in China. Consequently, Zhao lost almost all his savings. However, he considered it a valuable lesson, realizing the volatility of bitcoin but also its immense potential for revolutionizing the financial system.
Shortly thereafter, Zhao assumed the role of CTO at OKCoin, one of China’s largest crypto exchanges.
The Binance Era
As 2017 unfolded, the cryptocurrency world was booming, providing many with fortunes through bitcoin investments. Seeing this, Zhao resolved to create a new exchange — Binance. Launched amidst a roller coaster ride of challenges, Binance began in Shanghai only to be met with a ban on cryptocurrency trading by Chinese authorities. Undeterred, Zhao relocated the exchange internationally, ensuring it remained decentralized without a central office or management hub.
Binance swiftly ascended to market leadership, attracting six million users within just six months. Its native cryptocurrency, BNB, soared in value, becoming one of history’s most successful coins.
Zhao’s continued involvement in the cryptocurrency space cemented his legacy, despite stepping back from an official role at Binance. Today, he enjoys a quieter life, remaining a symbol of cryptocurrency innovation for the community.
