Cryptocurrency Executives Make A Massive Entry In China’s Billionaire Rich List

The Asian country, which leads to this continent’s economy, China, happens to have no shortage of billionaires, and according to Forbes, this list is quite long. This brand-new rich list has shown up, and blockchain and cryptocurrency executives who are a part of it are growing exponentially. If you put the market prices aside, it is pretty obvious that a vast majority of people still make some big money out of this industry, which is still developing.

Binance And Bitmain Top Crypto Rich List

As claimed by Forbes, Jack Ma of Alibaba is the richest man in China with a whopping net worth of $35 billion. Nevertheless, the cryptocurrency rich list, which was recently released by Hurun, stated that the number of crypto giants is increasing on the wealth charts. As by today’s report, which included twelve crypto industry executives, and the founder of Bitmain, Micree Zhan is on top of the chart with an impressive net worth consisting of 30 billion yuan or $4.2 billion. The forty-year-old Mecree Zhan is the genius who made Bitmain, the largest supplier of the mining hardware in the whole world, as well as the wealthiest man in China in the crypto market.

Although this is not even close to Ma’s e-commerce fortunes, it clearly shows that the cryptocurrency industry is extremely profitable, and there are more billionaires because of it.

The second man on that very list is the mysterious boss of Binance, Changpeng Zhao, whose net worth was somewhere around 18 billion yuans or approximately $2.4 billion. That is great because this company didn’t exist for more than two and a half years. Zhao has moved up for thirty-five positions since the whole list was published and also continues to expand his wealth as Binance is rising like it’s the Google of the crypto world.

Bitmain is currently third in the world of crypto’s richest with the co-founder Jihan Wu whose net worth is just behind Changpeng Zhao’s with 17 billion yuan. The fourth and fifth man on the crypto rich list are the founder of OKEx, Star Xu, with a net worth of 10 billion yuan, and Leon Li of Huobi with a net worth of 7.5 billion yuan.

Global Expansion

A vast majority of these new billionaires have concluded that global expansion is crucial in their success. Although oppressive regimes like one party in China aims to crack down on cryptocurrency, they can’t defeat the growing appetite of the rising population. Every one of these three exchanges, which are mentioned before, went to expand out from China and in much more friendlier climes. For instance, Malta Hong Kong and Singapore, where no restrictions exist to slow down the business. Totalitarian governments have to realize that if they ban something, it will increase the demand for it, which is quite evident in the case of China. Two popular payment platforms enable yuan deposits, WeChatPay and Alipay, the exchange has successfully opened crypto up to potential two billion investors and traders.

SocGen, A French Lender Issued A $110 Million ETH Bond To Itself

Six months have passed since Societe General issued its very first bond on a public blockchain. It still has to offer the instruments to its clients or to take advantage of the whole potential of the smart contract, which mediates the sale. Although, this French financial institution with a big reputation claims that it didn’t forget regarding the €100 million bond or approximately $110 million. They sold the bond to itself, and they’ve said that they’re still quite interested in trialing the blockchain technology in the long run. 


“Our intention isn’t to resell this at this particular time,” as said by Jean-Marc Stenger, who is the Chief Executive Officer (CEO) of Societe General subsidiary Forge Digital Capital Markets. That happens to be one of many startups that are a part of the “intrapreneurial” program in this financial institution. This bank has placed covered bonds on the well-known cryptocurrency, Ethereum, all the way back in April this year.  It is one of a couple of established companies that experimented with the issuing debt with the help of one of the biggest public blockchains by market cap.

In November last year, BBVA has recorded a massive $150 million loan on ETH. This September, Santander has settled both sides of a colossal $20 million bond transaction on ETH, which means that it didn’t just issue a token to represent the debt, but it has also settled the price amount with the assist of other tokens representing cash. Although Societe General is still the owner of the bond which has made, the lender is going to supervise if the Ethereum’s smart contract can indeed automate the usual functions of issuing debt.

“We’re demonstrating that every event of the bond has been written in the smart contract, and every event is managed by it,” by the words of Stenger. “We’re going to see if this particular technology becomes the future.”

With the word “event,” Jean-Marc Stenger means that the before-mentioned smart contract is successfully managing the parameters of the issuance. This happens to include a certain mechanism that extends the maturity of the bond, which was issued by one of the best financial institutions in the world, Societe General. That is an option intended for the issuer, in this case, SocGen, to call the security back if it is necessary and also an automated calculation of the fantastic semi-annual coupon that is paid to the bondholder.