Binance, a blockchain ecosystem behind the largest cryptocurrency exchange, has appointed its co-founder Yi He as the new head of its venture capital (VC) arm and incubator,Binance labs.
“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,” CZ (Changpeng Zhao), Binance CEO, said.
Furthermore, Yi will lead global strategy and the day-to-day operations at Binance Labs. Part of her focus will be on supporting infrastructure projects and improving utility in innovative crypto and blockchain projects.
“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,” CZ added.
Her vision is to drive the future adoption of web3.0 and blockchain technology by “building the standard for the blockchain industry,” said Yi. Under Yi’s leadership, 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.
“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.”
Since its inception, Binance Labs’ investment strategy has focused on 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, informed the company.
The team has recently closed a $500 million investment fund that includes 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.