What’s next for CZ after his release? AI might be the answer
CZ, the former CEO of Binance, has shifted his focus from crypto to the world of AI, with new investments and upcoming educational projects on the horizon.
CZ's new chapter: Turning to AI after his release
Changpeng "CZ" Zhao, one of the world’s biggest crypto billionaires, announced shortly after his release from prison that he would be moving away from cryptocurrencies and concentrating on artificial intelligence, with a vision for blockchain and biotechnology as well.
In a message posted on his social media, CZ said, “I’m a long-term investor who focuses on impact rather than just results.”
But is he truly ready to step back?
“I’d like to take some time to rest before diving back into business,” CZ wrote, adding that Binance is doing well without him, which he says is every founder’s dream: “Binance seems to be running well without me, which is great. That’s every founder’s dream.”
After stepping down from his role as CEO as part of a plea deal with U.S. authorities related to money laundering accusations, CZ remains Binance’s largest shareholder, giving him significant influence over the company’s direction. Even the current CEO, Richard Teng, acknowledged that CZ, as a shareholder, could continue to play a pivotal role in the company’s future.
“As a shareholder, he’ll be keeping an eye on the company’s performance, and if he’s not satisfied, he has the right to appoint a new board or CEO,” said Teng.
From crypto to AI: A logical step?
CZ has yet to reveal exactly which AI projects he is working on or what products he aims to develop. However, based on his statements, this shift aligns with the growing trend of crypto players exploring AI, especially following the success of ChatGPT last year.
Many crypto-related businesses and investors have already pivoted towards AI. Core Scientific, a leading crypto mining firm, recently signed a $6.7 billion deal with CoreWeave and Nvidia for AI data processing. Iris Energy is following this trend and has earned recognition from analysts for doing so. Meanwhile, Hut 8, another major crypto mining company, invested $150 million in developing its AI infrastructure.
Additionally, crypto projects like Akash Network (AKT) and Render Network offer decentralized computing power and GPU rendering services for AI applications. Bittensor (TAO) is building a decentralized ecosystem for AI model training, while SingularityNET, Fetch.ai, and Ocean Protocol are collaborating to create a fully decentralized AI ecosystem.
Crypto investors are also changing their strategies. Pantera Capital, an early investor in major crypto platforms, is now raising $1 billion to fund AI-crypto projects. The founder and former CEO of Shapeshift has fully committed to Venice.AI, a company offering private AI solutions as an alternative to ChatGPT.
The numbers support the shift
PwC forecasts that AI could boost the global economy by $15.3 trillion by 2030, compared to the crypto industry's expected growth of $4 trillion during the same period, according to Allied Market Research. This highlights why many are turning their attention to AI. VanEck’s analysis shows that industries connecting the two fields could generate $10.2 billion in revenue, indicating clear synergies rather than an "either/or" scenario.
CZ's vision and new initiatives
CZ is not solely focused on profits. He is also planning educational projects, including the Giggle Academy, which will provide free, playful education for children. The project’s concept includes utilizing both blockchain and AI.
“There are always more opportunities in the future than there were in the past,” CZ said, adding that he aims to devote more time and resources to charitable and educational endeavors. “I have a few rough ideas.”
CZ’s post-prison transformation, from crypto to AI, opens up exciting opportunities not only for him but for the entire tech world. As more people follow this path, it will be fascinating to see what future the combination of crypto and AI will shape.