Crypto exchange, Binance, has announced the appointment of its cofounder, Yi HE, as the new head of its venture capital (VC) arm and incubator, Binance Labs. The exchange made this known through a blog post relayed on Wednesday.
According to Binance CEO Changpeng Zhao, Yi He has been actively involved in the Lab’s affairs since its creation. Changpeng stated that Yi had played a crucial role in recognizing early-stage projects and founders with the vision and drive to disrupt global institutions that no longer serve the society effectively.
He further regarded the appointment as a perfect moment for Yi to take on a more significant role in the Labs. He revealed that the market had presented a remarkable opportunity to recognize projects with the potential to flourish in challenging market conditions.
Yi He will supervise global strategy and daily activities at Binance Labs. Also, she will concentrate on supporting infrastructure projects and expanding utility in innovative crypto and blockchain projects.
In addition, Yi’s goal is to lead the future adoption of Web3 and blockchain technology by laying the principle for the blockchain industry. Under her leadership, Binance labs will work on investing in capable, driven founders who will shape the industry’s future.
Reacting to the development, Yi stated that her ability to recognize actors with skills and embody the values needed to thrive in an environment where limited resources are part of her journey. According to her, her goal in the space as a leading player is to help define the industry standard. She hopes to promote sustainable projects and create an ecosystem of excellent blockchain solutions that empowers the whole industry.
Furthermore, Yi believes Web3 will only become entirely acceptable when its products are consistent with users’ demands. She stated the firm is directing its resources towards projects that encourage widespread adoption. Yi said these are projects that would push the limitations of Web3 technology and build products that deliver solutions to actual problems.
Similarly, Yi will continuously oversee and assist the organization’s essential business endeavors and units, including customer support, institutional business, marketing, Binance P2P, and Earn.
Since its establishment, Binance Labs has focused on early-stage projects in Key verticals. This strategy has helped Binance labs carry out successful projects such as Polygon, FTX, Certik, Nym, and Dune Analytics.
Recently, the team closed a $500 million investment fund. The fund witnessed participation from Global investors such as DST Global Partners and Breyer Capital. Some of its current portfolio companies and key projects like Multiverse.