Binance announced that co-founder, Yi He, has been appointed as the new head of the venture capital (VC) arm of the Binance Labs incubator.
Binance Labs appoints Yi He as new head
Binance Labs is the world’s largest crypto VC with $7.5 billion in assets under management (AUM) consisting of more than 200 projects.
It boasts a historical rate of return of 2.100% since its inception, which is a multiple on invested capital (MOIC) of 21x.
Yi will lead both the overall strategy and day-to-day operations of Binance Labs, and part of her efforts will be aimed at supporting infrastructure projects and improving the utilities of innovative crypto and blockchain projects.
She will also continue to lead and support key initiatives and units in the organization, including customer service, institutional activities, marketing, Binance P2P, and Earn.
Her vision is to drive the future adoption of Web3 and blockchain technology by setting a new industry standard, with a focus on investing in capable and motivated founders who can shape the future.
In fact, since its inception, Binance Labs’ investment strategy has focused precisely on early-stage projects in key vertical sectors, such as Polygon, FTX, Certik, Nym, and Dune Analytics. Most recently, it has invested in pStake and Ultiverse.
It also recently secured a $500 million investment from institutional investors such as DST Global Partners and Breyer Capital.
CZ and Yi He’s comments about the new role
Binance CEO Changpeng “CZ” Zhao said:
“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. 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”.
Yi He commented, saying:
“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. As a leading player in the space, my goal is to help define the industry standard by identifying and supporting sustainable projects and building an ecosystem of quality blockchain solutions that empowers the entire 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”.
The post Yi He new head of Binance Labs appeared first on The Cryptonomist.
