What to know:
- In a plot twist straight out of a financial thriller, YZi Labs, the rebranded venture capital arm (or should we say, arm of fortune?) of crypto exchange Binance, has made a splash with its first investment after the triumphant return of its founder, Changpeng “CZ” Zhao from his brief stint as a guest of the state.
- The firm, now with a new name and a renewed zest for life, led a $16 million charge into Sign, a startup that’s on a mission to scatter tokens like autumn leaves and ensure that on-chain credentials are as crisp as a freshly minted non-fungible token (NFT).
- With the rebrand from Binance Labs to YZi Labs, the firm has pivoted from the exchange’s venture capital arm to the cozy family office of Zhao and Binance co-founder Yi He. Zhao, with his newfound appreciation for freedom, is now rolling up his sleeves and diving into investments with the gusto of a man who’s seen the inside of a cell and lived to tell the tale.
In a move that could be mistaken for a scene from a crypto soap opera, YZi Labs, the rebranded venture capital arm of the digital asset empire Binance, has made waves with its inaugural investment following the liberation of its founder, Changpeng “CZ” Zhao, from the clutches of the law enforcement. Fortune, the trusted chronicler of financial escapades, reported this cinematic turn of events on a Wednesday that will surely go down in the annals of blockchain history.
The erstwhile Binance Labs, now donning the moniker YZi Labs with a certain je ne sais quoi, took the lead in a $16 million funding escapade for Sign, a plucky startup aiming to streamline the distribution of tokens and authenticate on-chain credentials with the precision of a Swiss watchmaker.
Changpeng Zhao, with a twinkle in his eye and a spring in his step, remarked in an email, as reported by Fortune, “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.” Ah, the sweet taste of freedom and the thrill of the chase – for the next big crypto thing, that is.
The metamorphosis into YZi Labs signifies a bold new chapter for the firm, transforming from the exchange’s venture capital arm to the personal investment bastion of Zhao and his partner in crime, Binance co-founder Yi He. Zhao, having exchanged his orange jumpsuit for a bespoke suit, is now at the helm, steering the ship with a seasoned hand and an eye for innovation.
Zhao’s unexpected vacation at the government’s expense ended in September, after a mere four months of introspection and, no doubt, strategic planning. His release came with a hefty $50 million farewell gift to the authorities and a gentleman’s agreement to step aside as the CEO of Binance, a title he wore like a crown. But let’s not forget, in the world of crypto, the king is never really dead, just plotting his next move.
YZi Labs, when reached for comment, was likely too busy counting their crypto and crafting their next masterstroke to respond immediately to CoinDesk’s inquiries. But fear not, for in the fast-paced world of digital assets, silence often speaks volumes.
“Crypto King’s Jail-to-Jewel Investment Jamboree!”
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2025-01-29 13:39