Binance has named cofounder Yi He as the new head of its incubator and venture capital (VC) arm Binance Labs, as the world’s largest cryptocurrency exchange by trading volume works to invest in “projects with the tenacity to thrive in tough market conditions.”
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- Binance on Wednesday said the VC arm manages total assets of US$7.5 billion across more than 200 portfolio projects, and has made a 2,100% rate of return since its inception in 2018.
- He, who launched the crypto exchange with Changpeng Zhao in 2017 and currently serves as chief marketing officer, will lead global strategy and operations at Binance Labs, with a focus on supporting infrastructure projects and improving utility.
- “To expedite widespread adoption, we need to focus our resources on supporting those projects that will push the boundaries of Web 3.0 technology and create products that provide solutions to real-world problems,” He said in a statement.
- The new leadership appointment comes after Binance Labs raised US$500 million in June to set up a fund to invest in Web3 and blockchain.
- Binance Labs has invested in projects ranging from blockchain infrastructure to gaming, including Polygon, the Sandbox, Axie Infinity and STEPN, according to its website.
- He will continue leading the exchange’s key business units including customer support, institutional business, marketing, Binance P2P and Earn.
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