Binance Co-Founder Takes Over VC Reins

Crypto exchange giant Binance announced Wednesday that co-founder Yi He will take over as head of its VC arm and incubator Binance Labs.

The move comes after Bill Chin left earlier this year, and amidst rocky times in the crypto market and in venture funding.

“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,” said Binance CEO Changpeng Zhao in a release.

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

New role

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

“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,” He said.

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

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

Binance, based in Malta, has made headlines for investments made away from crypto recently. The crypto titan committed $500 million in May for Elon Musk’s proposed takeover of Twitter—which is now in legal limbo. The company also invested $200 million in Forbes’ plan to go public via a SPAC—which recently fell apart.

Illustration: Dom Guzman

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