Changpeng 'CZ' Zhao turned Binance into the biggest cryptocurrency exchange in the world
Changpeng 'CZ' Zhao turned Binance into the biggest cryptocurrency exchange in the world AFP

KEY POINTS

  • The embattled Binance founder said the project is 'the most impactful thing' he could do moving forward
  • Giggle Academy will offer some high-tech subjects that aren't being taught in other grade schools
  • CZ is due for sentencing late next month over his failure to ensure Binance had an AML protection program

Binance founder and former CEO Changpeng Zhao, also called CZ in the cryptocurrency kingdom, has announced a new project: a free, online education platform that will utilize blockchain-based tokens to certify student achievements.

Zhao made the announcement on X (formerly Twitter) early Tuesday, saying his new project was named Giggle Academy and will offer "free basic" education "for all" from the first to 12th grades. He also said the platform was hiring for a small team that would "work directly with CZ."

"Building a high-quality and sticky education platform that is entirely free and accessible to all is the most impactful thing I could do for the next chapter of my life," Zhao said, as per Giggle Academy's website.

CZ's new project promises a no-cost, no revenue platform that will use blockchain-based "soul bound tokens" (SBTs) that will certify the achievements of students. The SBTs are nontransferable, and potential employers can verify them on the blockchain with permission from the students.

The project's concept paper noted that aside from basic grade school subjects, Giggle Academy will also offer topics that schools currently do not teach, including finance, blockchain, artificial intelligence, emotional intelligence, and more. It said there won't be "history, religion, etc." as such topics had "too much potential debate on a global platform."

The paper also said that instead of the common school concept of urging students to be "average," Giggle Academy looks to encourage students who are good at one subject to specialize in that topic. "We feel this is the most effective way for them to be the strongest at what they do best, and make themselves most valuable to the world," the paper stated.

Giggle Academy's concept paper acknowledged that there are multiple loopholes in an online-based educational structure. For internet and device-related issues, the initiative will look to partner with other companies in the said areas. "We won't be able to solve all problems. We will try to address some of these issues in later iterations," the paper stated.

CZ's announcement comes as he awaits sentencing on April 30 after he pled guilty to a charge of failing to ensure that Binance, the world's largest crypto exchange by trading volume, had an anti-money laundering (AML) program to protect investors.

He has been lying low since his plea deal that includes a $50 million fine – separate from Binance's $4.3 billion fine for violating federal anti-money laundering and sanctions law due to internal system lapses. The crypto mogul is out on a $175 million bond.

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