Binance Launches Binance Wealth Project to Attract Capital

On October 29, U.S. time, Binance announced the launch of a new service called Binance Wealth, specifically targeting professionals who manage funds.

Image Source: Internet

Binance Wealth allows these wealth managers to guide their clients, providing them with investment advice while ensuring that clients receive the necessary support when investing in cryptocurrencies, without completely losing control over their investments, similar to traditional wealth management methods.

Binance Wealth is designed by Binance's expert team, which is leading in both the cryptocurrency and traditional finance sectors. Their goal is to reduce the risks for wealth managers looking to invest in crypto assets and attract more investors into the crypto market.

Catherine Chen, head of Binance's institutional division, mentioned that as global investors increasingly recognize the value of crypto assets, Binance is meeting the needs of wealth managers and their clients who are looking for a simpler way to invest in cryptocurrencies.

She emphasized that to make crypto assets mainstream, it is crucial to channel more funds into the market, but the private wealth management sector has long lacked pathways to enter the cryptocurrency market. The newly launched Binance Wealth precisely helps more market participants to more easily access this new asset class and helps bridge the gap between cryptocurrencies and traditional finance.

Founder Zhao Changpeng's Wealth Increases by 90 Billion, Ranking 16th on the Hurun Rich List

On October 29, the Hurun Research Institute released the 2024 "Hurun Rich List," marking the 26th consecutive year since its inception in 1999. The list shows that this year, 1,094 entrepreneurs with personal wealth exceeding 5 billion yuan made the list, a decrease of 147 from last year, with total wealth declining by 10% year-on-year.

According to data from the Hurun Research Institute, Zhao Changpeng first appeared on the list in 2018 with a wealth of 15 billion yuan, ranking 230th. Despite Zhao Changpeng's arrest in California this year and paying over 7 billion dollars in fines, his wealth still increased by 90 billion yuan compared to last year, reaching 135 billion yuan, moving up 81 places to rank 16th.

Image Source: Internet

Zhao Changpeng's wealth growth is mainly attributed to the overall rise in the virtual currency market. The price of Bitcoin increased by 130% compared to the same period last year, reaching 65,000 dollars.

As one of the largest cryptocurrency exchanges in the world, Binance's increase in trading volume directly contributed to Zhao Changpeng's wealth accumulation. The rise in total trading volume of virtual currencies and the increase in the market value of competitor Coinbase (from 19 billion dollars to 46 billion dollars) also reflect the positive trends in the entire industry.

Despite facing legal challenges in the U.S., including arrest and hefty fines, these have not significantly impacted his wealth accumulation. After reaching an agreement with the U.S. Department of Justice and paying the fines, Binance was able to continue its operations, reflecting its key position and influence in the cryptocurrency industry.

Conclusion

The launch of Binance Wealth represents a deep integration of cryptocurrency and traditional finance. It provides new opportunities for professional investors and injects fresh blood into the traditional financial market. Founder Zhao Changpeng's significant wealth growth also reflects Binance's key position and influence in the cryptocurrency industry.

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