Category Archives: Changpen Zhao

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Forbes 30 Under 30 List Shows Blockchain “Here To Stay”

The latest Forbes “30 under 30” annual list which describes itself as selecting the “brashest entrepreneurs across the United States and Canada” has been published, and blockchain entrepreneurs display a notable presence in the 2018 edition.

600 names are featured on its pages, from across a diverse range of sectors. This year, the finance sector features the co-founder of Lightning Labs, Olaoluwa Osuntokun, whose company is attempting to make Bitcoin more effective for smaller transactions, as well as reduce its cost.

With stablecoins making headlines, Intangible Labs boss, Nader Al-Naji, joined Osuntokun in the finance section of the list. New Yorker Al-Naji’s firm raised USD 133 million to create Basis, an algorithmically-controlled stablecoin. The project itself was founded by three Princeton graduates. The founding team included Naji, Lawrence Diao (co-founder) and Josh Chen (co-founder). Other listed members of the executive team include Brian Freyburger (CTO).

The Finance 30 featured another New Yorker, JB Rubinovitz, for Bail Bloc which helps people in difficult circumstances to post their bail through spare-cycles crypto-mining. Users can volunteer their “computers spare power to get people out of jail”.

Nikhil Srinivasan and Alex Kern, the Coinbase acquisition Distributed Systems co-founders, also received a mention for creating an automated identity verification platform with the potential to ingrate into its wallet along with other innovative applications

Earlier this year, Bitcoin News published the Forbes 400 list including cryptocurrency entrepreneurs who received mentions with the rather uncomplimentary title of  “Freaks, Geeks And Visionaries” which featured Chris Larsen, co-founder of Ripple, as the first person from the cryptocurrency space to be on the prestigious list of America’s richest. That issue featured Binance chief Changpen Zhao on its cover. The list including blockchain movers and shakers also included crypto-billionaires the Winklevoss twins.

Forbes editor Randall Lane was happy to admit that “a blockchain-enabled financial system of some kind is here to stay” but conceded there would always be casualties, citing the burst dot-com bubble of 1999.

 

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Digital Jersey and Binance to Establish Crypto Exchange

Digital Jersey, the economic development agency representing Jersey’s digital industries, is to corporate with giant blockchain exchange Binance, signing a memorandum of understanding (MoU) with a view to the two firms developing a compliance base and cryptocurrency exchange on the island.

The world’s largest cryptocurrency exchange is planning to set up the first Sterling to crypto exchange in Jersey – potentially bringing millions of dollars into the island’s economy, writes The Jersey Evening Post.

The aim is for to Digital Jersey to cooperate with Binance to deliver training to promote the Jersey’s young blockchain industry and to support the blockchain ecosystem with AML compliance issues and establish licensing and banking relations.

Tony Moretta, chief executive of Digital Jersey, said:

“It’s a sign of cryptocurrencies growing up in a way because they are scaling up and want to appeal to a wider selection of consumers and businesses by demonstrating they are well regulated and they know Jersey’s reputation is strong.”

Moretta said the collaboration will develop exchange and compliance functions in Jersey while delivering blockchain training to support startup growth. This hopes to bring 40 new jobs and Binance will seek to invest in the island’s fintech space and local startups through its venture capital subsidiary Binance Labs.

There are no official figures for Binance’s value, but its founder Changpen Zhao is estimated to have accrued a personal fortune in excess of over USD 2 billion. Ths company itself manages over USD 6 billion in trades in just 24 hours, it has been reported. On the Jersey deal, Zhao commented:

“With its local economy based on a major currency (GBP) and its close proximity to the UK and Western Europe, we are confident the cooperation with Jersey will not only benefit the local economy but also form a strong operational foundation for our expansion into the rest of Europe.”

Jersey is not the only island community of interest to the exchange giant. Binance has now set up in Malta, followed by similar plans from rival exchange OKEx and German blockchain firm Neufundand.

External relations minister Senator Ian Gorst, is positive about the new development for the island, commenting:

“This is absolutely the space where Jersey’s future is. I want to create hope for the Island’s future by a bringing together of its technological future and strength in financial services.”

 

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