Binance, the world’s leading cryptocurrency exchange, wants to take advantage of the numerous opportunities in the cryptocurrency market. As a result, Binance has announced that its Co-Founder Yi He is the new head of its venture capital (VC) arm and incubator, Binance Labs.
According to the press release, Binance’s CEO Changpeng Zhao (CZ) said;
"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."
Binance Labs is currently the largest cryptocurrency venture capital firm in the crypto space. The firm manages total assets of $7.5 billion, consisting of more than 200 portfolio projects.
According to Binance, Yi will be in charge of global strategy and the day-to-day operations at Binance Labs. She will focus on significantly supporting infrastructure projects and improving utility in innovative crypto and blockchain projects.
Yi’s vision is to drive the future adoption of Web3 and blockchain technology and intends to achieve this by building the standard for the blockchain industry. With Yi’s appointment, Binance Labs will have an additional emphasis on investing in capable, driven founders who will play a role in shaping the future of the industry.
While commenting on this latest development, Yi 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.”
The Web3 ecosystem continues to grow and attract millions of people globally. Yi added that;
"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."
Binance Labs has focused on investing in early-stage projects in key verticals. This strategy has seen Binance Labs incubate some of the industry's most successful projects, including Polygon, FTX, Certik, Nym, and Dune Analytics.
Binance Labs recently raised $500 million in a funding round, with participation from global institutional investors such as DST Global Partners and Breyer Capital. Some of the latest portfolio companies and key projects include pStake and Ultiverse.
According to the company, Yi will continue leading and supporting the organization's key business initiatives and units, including customer support, institutional business, marketing, Binance P2P, and Earn.
With this latest development and more positive Binance reviews, the cryptocurrency exchange further cements its place as the world’s leading digital asset trading platform.