China’s Rich List Features Crypto Billionaires

The fact that cryptocurrencies and digital assets are creating an impact on individuals is evident by the annual Rich List that was released recently by China. This list features Chinese individuals who have a net worth exceeding 2 billion renminbi (209 million USD), is compiled every year by the Hurun Research Institute. This year, for the very first time, billionaires from the crypto space got featured on the list. Not only that, Hurun with 14 new Crypto related entrants to the list also draws attention to the fact that Crypto is officially the fastest growing industry.

Jack Ma, the founder of the Chinese e-commerce mammoth, Alibaba, top the list, and though the company is not just related just to Crypto, in, they are encouraging the use of crypto and blockchain and are improving their involvement. Ma on multiple occasions has promoted and supported the use of blockchain technology but, he is also a little critical of the fees that are charged due to a controversial banking and financial services. Alibaba has recently filed for a patent for their blockchain.

The two founders of Bitmain which is a crypto mining chip producer, feature prominently. With an estimated wealth of 29.5 billion renminbi, Micree Zhan and Jihan Wu with a net worth of 16.5 billion renminbi are both included in the list. Bitmain has succeeded due to the innovative design of its chips that are produced specifically focusing on cryptocurrency.

The third wealthiest person from the arena of cryptocurrency, enlisted is the founder of Biance, Zhao Changpeng who is estimated to have an assume 2.2 billion USD. The rise of Binance, which is still a young platform has been significant so far. They introduced their own coin, BNB, handles a whopping 1.4 million offers every second and provides a much broader exposure in terms of listed cryptocurrencies.

Others who made it to the lists include Star Xu of OKCoin and Li Lin of Huobi, also known as “Bitcoin whale” who approximately has a fortune of 7 billion renminbi.

Hu Dong and Zhang Nangeng the founders of Ebang Holdings and Canaan Holdings respectively also figure on the lists.

Crypto had been so long a nascent technology and business sector, and thus it is safe to interpret that this years list showcases the development within the crypto sector.

Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.