Binance has appointed co-founder Yi He as the new CEO of its venture capital arm, Binance Labs
Yi He, a co-founder of Binance, has been appointed CEO of Binance Labs, the company’s incubator and venture capital arm. One of the biggest VC players in the market, Binance claims to manage assets worth $7.5 billion (approximately Rs. 59,374 crores), having invested in over 200 blockchain-related startups. Yi said that her goal is to “create the standard for the blockchain industry” to promote the use of blockchain technology in Web 3 initiatives in the future.
According to Yi, the present bear market is the ideal opportunity to invest in new ventures, and she plans to expand the size of Binance Labs’ staff to 40 individuals.
The current environment presents “an extraordinary chance to find those enterprises with the resilience to flourish under challenging circumstances,” according to Changpeng Zhao, a fellow co-founder and CEO of Binance.
Yi agreed, stating, “Part of the process of watching Binance expand, particularly under adverse market circumstances, has been the ability to recognise those founders who have the abilities and represent the ideals required to flourish in an environment when resources are more constrained.”
Yi, a former TV presenter and co-founder of Binance, has maintained a low profile and only recently agreed to what City AM described as her first English-language interview. Then, she minimised her goals, claiming Zhao would make a better corporate leader. But her new position will boost her prominence in the venture capital and cryptocurrency industries.
The hiring follows Bill Qian’s resignation as CEO of Binance Labs in June 2022. Qian was Binance’s second senior executive to leave in the last two months.
The executive director of Binance Labs, Nicole Zhang, resigned in May 2022. In March 2020, Qian and Zhang both signed up with Binance.
Some of the most successful startups in the sector, such as Polygon, FTX, Certik, Nym, and Dune Analytics, were fostered by Binance Labs.
According to a corporate statement, the VC business has had a 2100 per cent rate of return since its beginning.
The venture capital company recently completed a $500 million (approximately Rs. 3,875 crore) investment fund, including participation from international institutional investors, including DST Global Partners and Breyer Capital.