Key Points:
- Binance founder CZ rebranded Binance Labs as YZi Labs, a family office managing his and co-founder Yi He’s wealth.
- Zhao stepped down as Binance CEO after U.S. charges in 2023, paid a $50 million fine, served four months in custody, and shifted focus to personal investments.
Changpeng “CZ” Zhao, the billionaire co-founder of Binance, has turned the venture capital unit of the cryptocurrency giant into a family office. Operating as YZi Labs, the new company will take over the management of the personal fortune of Zhao and Binance co-founder Yi He.
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Binance Founder CZ Rebrands Venture Arm as Family Office
The move comes after Zhao’s recent legal battles in the United States. In 2023, Binance and Zhao were indicted for failing to prevent illicit activities on the platform.
Binance founder CZ, 47, agreed to pay a $50 million fine, stepped down as CEO, and served a four-month prison sentence before his release in September.
Called YZi Labs after its founders, it took over from Binance Labs, which, until now, managed more than $10 billion in crypto assets. Ella Zhang, who co-founded Binance Labs with two colleagues back in 2018, returns to spearhead the new company. This time, positioned as a family investment office, it will seek other targets beyond cryptocurrencies-areas including AI and biotech.
YZi Labs to target investments in crypto, AI and Biotech
Zhang said the YZi Labs team, currently nine members, will expand to about 20 people proficient in new emerging fields. Office investments will range from $500,000 to $50 million, with most projects dealing in liquid tokens. Although a new outfit, YZi Labs retains all the assets from Binance Labs, including its stakes in Sky Mavis, Polygon, and The Sandbox.
Binance founder CZ will be actively involved in investment decisions through the YZi Labs committee, which has an estimated net worth of $69.8 billion. He has emphasized his commitment to “impact” investing, which he outlined in a recent post on X.
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