Changpeng Zhao Launches A New Project After Stepping Down From Binance: 'No New Tokens'

Changpeng Zhao, the co-founder and once the head of Binance, shared news of his latest venture, Giggle Academy, on Monday. 

What Happened: He described it as a fun and free way for kids to learn, calling the platform “gamified, adaptive.” 

The Giggle Academy website says the program wants to “make basic education accessible, addictive and adaptive,” especially for kids who can’t get to school today.

While it plans to be a “zero revenue platform,” it will make learning fun by rewarding students with points, scores, leaderboards, and digital badges known as NFTs. Zhao was clear that no cryptocurrency would be used on the platform despite considering a possible “learn-to-earn” model for the future.

“I thought about what to do next for a few months,” Zhao stated. “I need to find something that has the maximum positive impact that I could achieve in this world.”

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Why It Matters: Last November, Prosecutors argued that Zhao, who admitted guilt to charges related to inadequate anti-money laundering measures at Binance, presents a risk of fleeing and should be restricted from leaving the U.S. 

He agreed to pay a $50 million fine and gave up his role as CEO. He now faces a potential 10 to 18 months in prison, but that decision has been delayed until the end of April. He’s currently out on bond and under travel restrictions.

Price Action: At the time of writing, the price of Bitcoin BTC/USD was $65,824, down 4% in the last 24 hours, according to Benzinga Pro.

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