Binance announced on Wednesday the appointment of its co-founder Yi He as the head of Binance Labs, the venture capital (VC) arm and incubator of the global blockchain services provider.
Binance CEO CZ (Changpeng Zhao) commented:
Changpeng Zhao Source: LinkedIn
As part of the founding team, Yi has been actively involved in Labs since its inception and has played a pivotal role in identifying early-stage projects and founders with the vision and drive to disrupt those global institutions that no longer serve society effectively. This is the perfect moment for Yi to take on a larger role in Labs as this market presents an unparalleled opportunity to identify those projects with the tenacity to thrive in tough market conditions.”
According to the official announcement, Binance Labs is the biggest crypto VC by assets Under Management (AUM) with a multiple on invested capital (MOIC) of 21.0x. The VC manages of $7.5 billion in assets, comprised of over 200 portfolio projects.
Focus and goals
As head of Binance Labs, Yi will be responsible for global strategy and the day-to-day operations. She will also focus on supporting infrastructure projects and improving utility in crypto and blockchain projects.
Yi aims to drive future adoption of Web3 and blockchain technology. Her work at Binance Lab will have additional focus on investing in capable, driven founders who will shape the industry.
Yi said:
Yi He Source: Twitter
Part of the journey of seeing Binance grow, especially through tough market conditions, has been the ability to identify those founders that have the skills and embody the values needed to thrive in an environment where resources are more limited. As a leading player in the space, my goal is to help define the industry standard by identifying and supporting sustainable projects and building an ecosystem of quality blockchain solutions that empowers the entire industry.
Since it was established, Binance Labs has focused on emerging projects in key niches. It has incubated successful projects, such as Polygon, FTX, Certik, Nym, and Dune Analytics.
Earlier in July, Binance’s Australian subsidiary made crypto CFDs available for wholesale Australian customers under an Australian Financial Services (AFS) licence.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
