The crypto industry’s richest man is converting the venture capital arm of Binance into a family office.
Binance Labs has been renamed to YZi Labs, «stepping away from the Binance brand to reflect its independent growth and expanded investment focus», according to a statement. Ella Zhang, who helped set up venture capital arm Binance Labs in 2018, will be brought back as the head of YZi Labs.
Zhang is the wife of Binance founder Changpeng Zhao (nicknamed «CZ»), the richest man in the crypto industry and the 22nd richest worldwide with an estimated net worth of $70.8 billion, according to the Bloomberg Billionaire Index.
Investment Focus
Moving forward YZi Labs' investment strategy will cover three core sectors. In addition to its existing focus on Web3 technologies like blockchain innovations and decentralized applications, the family office will now cover investments in artificial intelligence and biotechnology. It will also reintroduce an in-person incubation experience that offers a 12-week residency designed to «foster collaboration, mentorship and hands-on development for startups».
«Rebranding to YZi Labs signifies our ambition to push the boundaries of innovation beyond crypto,» commented Zhao. «With Ella's leadership, we aim to support visionary founders who are building the future in Web3, AI, and biotech.»
«I am excited to return and work with founders who are focused on long-term impact. Our mission remains the same: to empower visionary entrepreneurs and push technological boundaries across multiple sectors,» Zhang added.
