Former Binance CEO, Changpeng Zhao, known as “CZ,” is gearing up to invest his time and money in new projects that combine cryptocurrency and biotechnology.
In a tweet, Zhao enthusiastically shares his plans to utilize cryptocurrency to boost financial support in biotech research.
Zhao’s latest interest in biotech may be an offshoot of his current legal challenges in the United States. He had agreed to a $175 million release bond and to return to the United States for sentencing in February 2024. Thus, CZ is likely pitching his tent with a non-crypto focused venture to avoid the excessive scrutiny he has been subjected to.
The Department of Justice is concerned about Zhao potentially eluding legal proceedings due to his financial means and the lack of an extradition agreement with the United Arab Emirates.
Despite these concerns, Zhao remains committed to his ambitions, evident in his recent blog posts expressing a desire to innovate.
Zhao’s interest in using digital currencies to support biotechnological research is intriguing. He recognizes crypto’s potential to streamline transactions and accelerate money flow, benefiting the biotech industry.
Cryptocurrencies have the potential to create innovative channels for funding research, offering a more efficient and direct route for investments.
The decentralized nature of cryptocurrencies is a key advantage, allowing for more equitable access to funding for smaller research groups, potentially impacting science and technology advancement.
The concept of DAOs, democratizing the funding process and allowing for more direct community input, could be groundbreaking for research financing, especially for projects aligned with community values
Such a model could ensure that research funding directly benefits the public and addresses societal needs, shifting focus away from profit-driven research.
In Nov. 21, as part of a settlement with the U.S. Department of Justice, Changpeng Zhao agreed to step down as CEO of the major crypto exchange Binance.
Subsequently, Richard Teng assumed the role of CEO. CZ pleaded guilty to one felony charge and will pay $150 million to regulators, and the crypto exchange agreed to roughly $4.3 billion in penalties.