Binance co-founder takes the reins of VC

Binance co-founder takes the reins of VC

The Crypto Exchange Giant Binance announced Wednesday that the co-founder Yi there will take the lead of its VC arm and its incubator Binance Labs.

Moving comes later bill chin quit earlier this year, and amid tough times in the crypto market and in risk financing.

“Now is the perfect time for Yi to take on a bigger role in Labs, as this market presents an unprecedented opportunity to identify these projects with the tenacity needed to thrive in tough market conditions,” said the CEO of Binance. Changpeng Zhao in a Release.

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Binance Labs manages total assets of $7.5 billion comprised of more than 200 portfolio projects, according to the release. The laboratory also claims a yield rate of 2,100%. Founded in 2018, Binance Labs has incubated projects including Polygon, FTX and CertiK.

New role

He will lead the global strategy and day-to-day operations of Binance Labs, including reviewing infrastructure projects and improving utility in crypto and blockchain projects, according to the company.

“Part of the journey to see Binance grow, especially in tough market conditions, has been the ability to identify founders who have the skills and embody the values ​​needed to thrive in a more resource-constrained environment” , did he declare.

Binance Labs closed a $500 million investment fund in June. Institutional investors such as DST Global Partners and Capital Breyer participated in the fund.

According to Crunchbase data, Binance Labs’ most recent investments include Magic square and Tatsumeeko.

Malta-based Binance has recently made headlines for investments made outside of crypto. The Engaged Crypto Titan $500 million in May for by Elon Musk takeover project Twitter– which is now in legal limbo. The company has also invested $200 million in Forbes’ consider going public through a SPAC—which recently collapsed.

Drawing: Dom Guzman

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