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The world’s largest cryptocurrency exchange by trading volume, Binance, on Wednesday announced that co-founder Yi He will be heading Binance Labs, its venture capital (VC) arm and incubator.
Leading the global strategy and day-to-day operations at Binance Labs, the largest crypto VC with $7.5 billion of assets under management, Yi is driven to “building the standard for the blockchain industry” and boost web3 adoption around the world.
Binance CEO, Changpeng ‘CZ’ Zhao commented:
“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.”
Yi, who will focus on infrastructure projects and improving use cases in innovative crypto and blockchain projects, said:
“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.”
Yi added:
“It is a foregone conclusion that Web3 will reach one billion new users in the next five years. However, Web3 will only truly become mainstream when its products weave seamlessly into users’ lives. To expedite widespread adoption, we need to focus our resources on supporting those projects that will push the boundaries of Web3 technology and create products that provide solutions to real-world problems.”
June 1st, 2022, Binance Labs announced it had successfully raised $500 million from DST Global Partners, Breyer Capital, Whampoa Group and other private equity funds, and would launch a fund that will invest in Web 3 and blockchain businesses.