Changpeng Zhao, founder of Binance, recounted his childhood in rural China as being marked by a lack of running water and electricity. This statement was made during an interview.
"I was born in a village in like rural China," said Zhao, according to YouTube. "I moved from that small town to a real real village before I can even remember. The place I grew up that I remember we didn't have running water. We didn't have electricity."
Rural upbringing in China has significantly influenced the emergence of business leaders in the tech sector. According to a study published in the book "Revitalising China Rural Industries Through Innovation and Entrepreneurship," innovation and entrepreneurship education have played a crucial role in rural industrial development by fostering transformational leadership qualities. This educational approach has been instrumental in cultivating rural industrial talent and attracting individuals to contribute to rural development. The implementation of China's Rural Revitalization Strategy has further accelerated rural industrialization, highlighting the importance of nurturing talent through innovation and entrepreneurship training.
In the 1980s, many rural households in China lacked basic amenities such as running water, although most had access to electricity. According to data from Wikipedia, farm family houses during this period often did not have running water but were generally equipped with electricity and offered more spacious living conditions compared to urban dwellings. In 1980, the average living space per person in farm homes was 9.4 square meters, which increased to 14.7 square meters by 1985. Despite improvements, some families in poorer regions continued to live in traditional dwellings without modern facilities.
Zhao, commonly known as CZ, has made significant contributions beyond his role in the cryptocurrency industry. He established the Binance Charity Foundation (BCF) in 2018, focusing on leveraging blockchain technology for social good, including disaster relief and educational initiatives. In 2024, he launched Giggle Academy, a nonprofit educational platform aimed at providing free, gamified, and adaptive learning for underprivileged children worldwide. This initiative reflects his commitment to addressing social inequalities through education.
Zhao is a Chinese-born Canadian entrepreneur best known as the founder and former CEO of Binance, the world's largest cryptocurrency exchange by trading volume. Born in Jiangsu, China, in 1977, he moved to Vancouver, Canada, in the late 1980s. Zhao studied computer science at McGill University and began his career developing high-frequency trading systems. He later worked at Bloomberg Tradebook and founded Fusion Systems before entering the cryptocurrency space. His leadership at Binance and philanthropic efforts have made him a prominent figure in the tech industry.