The $10 billion venture capital arm of crypto titan Binance will now be operating under a new name and brand.
In a statement, the world’s biggest crypto exchange says Binance Labs has rebranded as YZi Labs, a venture capital firm with a broader focus on Web3, artificial intelligence and biotechnology.
The move aims to give the firm independence and a distinct identity separate from its parent company.
“Binance Labs has officially rebranded to YZi Labs, stepping away from the Binance brand to reflect its independent growth and expanded investment focus.”
The rebranding also represents the decision to expand the firm’s investment focus beyond crypto and blockchain.
“While continuing its dedication to advancing Web3 technologies, YZi Labs will now also explore opportunities in artificial intelligence (AI) and biotechnology, underscoring its commitment to fostering innovation across multiple industries.”
Despite the changes, YZi Lab assures its existing portfolio companies that they will continue to receive the same level of support.
Binance founder Changpeng “CZ” Zhao, who is prohibited from returning to Binance leadership following his four-month sentence for violating U.S. anti-money-laundering laws, will have an active advisory role in YZi Labs. He will mentor project founders and guide the firm’s investment strategy.
Former head of Binance Labs Ella Zhang also returns to lead YZi Labs.
Says Zhang,
“Our mission remains the same: to empower visionary entrepreneurs and push technological boundaries across multiple sectors.”
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