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Former Binance Labs Makes First Investment Following Zhao's Return: Report
YZI Labs, the rebranded Binance Labs, led a $16 million funding round into token airdrop startup Sign.
What to know:
- YZi Labs, the rebranded venture capital arm of crypto exchange Binance, made its first investment following founder Changpeng "CZ" Zhao's return from prison.
- The firm led a $16 million into token airdrop startup Sign.
- The rebrand from Binance Labs means the firm has turned from being the exchange's venture capital arm into the family office of Zhao and Binance co-founder Yi He, with Zhao taking an active role in investments.
YZi Labs, the rebranded venture capital arm of crypto exchange Binance, made its first investment following founder Changpeng "CZ" Zhao's release from prison, Fortune reported on Wednesday.
The company formerly known as Binance Labs led a $16 million funding round into Sign, a startup that seeks to simplify token distribution and bring verification of credentials on-chain, according to the report.
STORY CONTINUES BELOW
“Proper distribution builds trust, and verification is an essential part of it. As more people move on-chain, this is a critical part of the foundational infrastructure,” Zhao, said in an email, according to Fortune's report.
The rebrand to YZi Labs means the firm has turned from being the exchange's venture capital arm into the family office of Zhao and Binance co-founder Yi He, with Zhao taking an active role in investments.
Zhao was released from U.S. prison in September following a four-month prison sentence for violating the Bank Secrecy Act by failing to set up an adequate know-your-customer program at Binance.
He also agreed to a pay a $50 million fine and step down as Binance CEO as part of his guilty plea.
YZi Labs did not immediately respond to CoinDesk's request for comment.
Read More: Restaking Protocol Puffer Finance Reveals Upcoming Airdrop Details
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
