Cryptocurrency exchange Binance has appointed co-founder Yi He to oversee its venture capital arm, Binance Labs, two months after it raised $500 million for a new fund focused on Web3 and blockchain investments.
This comes two months after the departure of former Binance Labs chief Bill Qian, which followed the resignation of executive director Nicole Zhang.
Binance Labs is the largest crypto VC in the industry by assets Under Management (AUM) with a multiple on invested capital (MOIC) of 21.0x, a performance metric that is unmatched in the industry. Binance Labs manages total assets of $7.5 billion, comprised of more than 200 portfolio projects.
Yi will continue leading and supporting Binance’s key business initiatives and units including customer support, institutional business, marketing, Binance P2P and Earn.
“As part of the founding team, Yi has been actively involved in Labs since its inception and has played a pivotal role in identifying early-stage projects and founders with the vision and drive to disrupt those global institutions that no longer serve society effectively,” said Binance CEO CZ (Changpeng Zhao). “This is the perfect moment for Yi to take on a larger role in Labs as this market presents an unparalleled opportunity to identify those projects with the tenacity to thrive in tough market conditions.”
“Part of the journey of seeing Binance grow, especially through tough market conditions, has been the ability to identify those founders that have the skills and embody the values needed to thrive in an environment where resources are more limited. As a leading player in the space, my goal is to help define the industry standard by identifying and supporting sustainable projects and building an ecosystem of quality blockchain solutions that empowers the entire industry,” said Yi.
Since its inception, Binance Labs’ investment strategy has focused on early-stage projects in key verticals. This strategy has seen Binance Labs incubate some of the industry’s most successful projects, including Polygon, FTX, Certik, NYM, and Dune Analytics.