Binance’s Yi He and Bitget’s Gracy Chen are the two women leading Binance and Bitget crypto exchanges in terms of volume.
It is a lesser-known fact that two of the largest cryptocurrency exchanges in the world are operated by women.
Gracy Chen, who was previously the managing director of cryptocurrency exchange Bitget and is now its CEO, outlined her trajectory in guiding an exchange that facilitates a trading volume of $4 billion in a blog post dated May 21.
“Raised by a single mom, I was expected simply to grow up happily. Like many Asian parents, she hoped that I would not be overly aggressive and that my greatest future task would be to find a life partner. However, from an early age, I was drawn to the idea of leading. Starting from primary school, I actively sought out every chance to be a leader. My desire to lead wasn’t about managing or commanding others, it was about creating more values.”
Chen described how she obtained a scholarship to study Applied Mathematics in Singapore when she was 18. Following her graduation, she was offered a position as a television presenter for a Chinese finance and technology program, where she was briefed by interviewees in 2015 regarding Bitcoin, which was $300 at the time.
“I began by reading the Bitcoin white paper and was instantly hooked. As a mathematician, I loved the mathematical beauty of it. I was excited by how democratic the system was. Mostly, I was drawn to the way it established a new decentralized ledger that complements the traditional centralized financial industry.”
Chen subsequently resigned from her television position and co-founded two virtual reality and fintech businesses, concurrently enrolling in an MBA program at the Massachusetts Institute of Technology: “What do you call a failed entrepreneur?” An accomplished serial entrepreneur. “And I am that!”
Chen became an employee of Bitget in the spring of 2022 after spotting a vacancy for a managing director. In her current role as CEO, she oversees a workforce of more than 1,500 individuals.
A similar individual is He Yi, co-founder of the renowned cryptocurrency exchange Binance.
Yi He was born in 1986 in the desolate countryside of Sichuan Province, mainland China, into a family of educators. She completed all of her school exams in the first place and devoted her free time to reading. Notwithstanding her modest upbringing and comparatively secluded youth, Yi He established an aptitude for education.
During her early adulthood, Yi He left his place of origin to pursue a psychology career in Beijing. Still, he soon discovered that opportunities were scarce, as she explained that people were not “interested in mental health” at the time, in contrast to the current state of affairs. Nevertheless, she honed the communication and interaction skills necessary for success, which served as the foundation for her triumph in 2012 when she was cast in a Chinese tourism television program after an unsuccessful audition.
Yi He met Star Xu, proprietor of Okcoin, presently referred to as the OKX exchange, in 2013, while Bitcoin was trading at $1,100, following his cross-country TV hosting tour. Xu was seeking a prominent influencer to endorse the OKX brand. Yi He, who amassed a modest fortune during the Chinese stock bull market of 2006 to 2008, developed an interest in the cryptocurrency space and accepted an offer to become the vice president of OKCoin by combining her experience as a TV host with her interest in the crypto space.
Under Yi He’s direction, OKX became the preeminent exchange on the Chinese mainland. Yi He also introduced Changpeng “CZ” Zhao, her future spouse and an acquaintance at the time, for the position of chief technology officer at Okcoin during this time.
Reportedly, CZ’s relationship with Star Xu of Okcoin was tumultuous, and he resigned in 2015. Yi He also tendered his resignation in the same year, indicating that being trapped in the crossfire was not to his liking. Yi He fluctuated in and out of the technology sector for two years before 2017. At that point, she had aspirations to establish a business with a global impact, not just within China.
Simultaneously, CZ presented Yi He with his white paper outlining his vision for Binance, a global cryptocurrency exchange. Yi He immediately volunteered to co-found Binance in June 2017 after realizing that CZ was the only individual in her network with the requisite knowledge and integrity to establish an international exchange.
Presently, Binance is the preeminent cryptocurrency exchange globally, boasting a daily volume of $36.5 billion and total assets amounting to $134.6 billion. While CZ has ceased all operational and decision-making responsibilities at Binance, the company has been led by Yi He and its current CEO, Richard Teng. Yi He and Teng frequently offer their perspectives on the trajectory of the cryptocurrency industry.
