Binance Labs Venture Fund Changes Name and Priorities
Date: 2025-01-24 Author: Oliver Abernathy Categories: BUSINESS
Changpeng Zhao, the founder of Binance, plans to actively participate in YZi Labs by training startup founders. The updated fund will be led by Ella Zhang, who previously stood at the origins of the creation of Binance Labs.
In March 2024, Binance Labs separated from Binance, becoming an independent structure with assets of $10 billion. During its operation, the fund has invested in more than 250 projects, including Sky Mavis, Aptos Labs, LayerZero, Polygon, and The Sandbox.
As reported by Bloomberg, YZi Labs now functions as a family investment office for Zhao and his associate Yi He. The name of the fund reflects their names - Yi and Zhao. According to Ella Zhang, Zhao does not feel the need to immediately invest in new projects, although the fund remains focused on long-term prospects.
Zhao's net worth is estimated at $69.8 billion, making him 22nd on Bloomberg's billionaires list. The bulk of his wealth comes from his stake in Binance, where he no longer holds a management position but remains the main shareholder.
YZi Labs will focus on three key areas: Web3, artificial intelligence, and biotechnology. These areas reflect Zhao's strategic approach aimed at developing innovative technologies.
In the fall of 2024, Zhao was released from prison, where he spent four months after a trial with the US Department of Justice. Binance and Zhao were accused of violating sanctions and money laundering. The crypto exchange settled the conflict by paying a $4.3 billion fine, and Zhao left his leadership post.
In October 2024, Zhao said that he did not plan to return to operational management. His current efforts focus on educational initiatives and support for projects related to blockchain, AI and scientific research.
