Binance Labs loses top two executives

Recently, two veteran Binace Labs employees left the company.

Bill Qian – head of Binance Labs was soon about to leave the company and Nicole Zhang – managing director of the company was leaving early last month, which was a huge loss for the company.

The Binance spokesperson confirmed Qian’s move: “We are not commenting on people moving at Binance as a policy issue. However, we can confirm that Bill will leave Binance for personal reasons.”

Both executives have worked for Binance Labs for over two years. Qian participated in Binance Labs in March 2020 from JD Group of China. Qian recently changed his last name to Chin, as can be seen in the announcement of the Binance-Forbes deal announced in February. According to his previous LinkedIn profile, it was shown that his last name Qian was no longer used. He also seems to have deleted his Twitter account.

Zhang joined Binance Labs as an executive director in April 2020, according to her LinkedIn profile. She currently works as a partner at Lingfeng Capital’s technology-focused venture capital firm, which manages Lingfeng Capital’s Innovation Fund.

First outside capital

Qian and Zhang’s departure came almost at the same time as Binance Labs first raised external funds earlier this week. Binance Labs raised $500M from backers including DST Global Partners, Breyer Capital and anonymous institutional investors.

Binance Labs was founded in 2018 to invest Binance’s own money. The company has sponsored more than 100 startups to date, including Axie Infinity’s Sky Mavis developer, monetized startup StepN, 1inch decentralized exchange aggregator, and blockchain audit firm CertiK.

Binance Labs also runs an incubation program for early-stage companies and is currently supporting the fourth group of 14 startups. For early-stage investments, the company plans to support both token turnover and equity. Although the cryptocurrency market may be in volatile waters, there have been more funds deployed into this space than in 2021.

It is still unclear who will replace Qian and Zhang. Binance Labs is now led by Ken Li and Peter Huo in their role as directors, according to the company’s website.

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