Key Takeaways
- • Binance Labs has been renamed YZi Labs and converted into a family office, stepping away from the Binance brand to pursue independent growth and a broader investment mandate.
- • Ella Zhang, who helped establish Binance Labs in 2018, returns as head of YZi Labs; she is the wife of Binance founder Changpeng Zhao (CZ).
- • Zhao's estimated net worth is $70.8 billion according to the Bloomberg Billionaire Index, ranking him 22nd globally and as the richest person in the crypto industry.
- • YZi Labs will expand its focus from Web3 (blockchain and decentralized applications) to artificial intelligence and biotechnology.
- • The unit will reintroduce an in-person incubation program offering a 12-week residency for startups.
Summary
The venture capital arm of Binance is being converted into a family office, according to a statement cited by finews.asia. Binance Labs has been renamed YZi Labs, with the company describing the move as "stepping away from the Binance brand to reflect its independent growth and expanded investment focus."
Ela Zhang, who helped set up Binance Labs in 2018, will return as head of YZi Labs. Zhang is the wife of Binance founder Changpeng Zhao, known as "CZ," whom the Bloomberg Billionaire Index estimates to have a net worth of $70.8 billion, making him the 22nd richest person worldwide and the richest figure in the crypto industry.
The investment strategy will cover three core sectors. The unit will maintain its existing focus on Web3 technologies, including blockchain innovations and decentralized applications, and add artificial intelligence and biotechnology. It will also reintroduce an in-person incubation experience, a 12-week residency designed to "foster collaboration, mentorship and hands-on development for startups."
Zhao said the rebranding "signifies our ambition to push the boundaries of innovation beyond crypto," adding that under Zhang's leadership the firm aims to support founders building in Web3, AI, and biotech. Zhang said she was excited to return and work with founders focused on long-term impact, with a mission to "empower visionary entrepreneurs and push technological boundaries across multiple sectors."
Ela Zhang, who helped set up Binance Labs in 2018, will return as head of YZi Labs. Zhang is the wife of Binance founder Changpeng Zhao, known as "CZ," whom the Bloomberg Billionaire Index estimates to have a net worth of $70.8 billion, making him the 22nd richest person worldwide and the richest figure in the crypto industry.
The investment strategy will cover three core sectors. The unit will maintain its existing focus on Web3 technologies, including blockchain innovations and decentralized applications, and add artificial intelligence and biotechnology. It will also reintroduce an in-person incubation experience, a 12-week residency designed to "foster collaboration, mentorship and hands-on development for startups."
Zhao said the rebranding "signifies our ambition to push the boundaries of innovation beyond crypto," adding that under Zhang's leadership the firm aims to support founders building in Web3, AI, and biotech. Zhang said she was excited to return and work with founders focused on long-term impact, with a mission to "empower visionary entrepreneurs and push technological boundaries across multiple sectors."
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