Binance founder CZ reenters crypto space with $16M investment in airdrop startup
The investment from YZI Labs will help Sign accelerate its development
Changpeng Zhao, the founder of Binance, has made a significant return to the cryptocurrency world with a $16 million investment in Sign, a startup that aims to revolutionize token distribution.
The investment was led by YZI Labs, the rebranded venture capital arm Binance Labs, which has shifted its focus under Zhao's leadership from backing external blockchain projects to becoming a more personal investment firm for Zhao and Binance co-founder Yi He, СoinDesk reported.
Key takeaways
- $16 million investment in Sign, led by YZI Labs.
- Sign aims to simplify token distribution and bring credential verification on-chain.
- YZI Labs now focuses on family investments for Zhao and Yi He.
A new chapter for Binance’s venture arm
This investment marks a notable shift for the firm formerly known as Binance Labs, as it moves away from its former role as the venture capital arm of the exchange. Under its new identity, YZI Labs is expected to focus on investments that align more closely with the personal interests and goals of its founders.
Zhao’s active involvement in investments reflects a deeper, more hands-on approach to expanding his portfolio in the crypto and blockchain space.
YZi Labs now continues to support and expand 250 projects. Despite Binance's separation from its venture capital arm, Zhao is tweaking its leadership presence in the cryptocurrency and technology sectors.
YZi Labs (Prev. Binance Labs) current activity. Source: Сryptorank
In addition, CZ reported that YZiLabs has also invested in MyShell.
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Sign's vision and potential
Sign, the startup receiving the $16 million funding, is focused on simplifying token distribution and bringing the verification of credentials on-chain. The platform seeks to solve key issues faced by the crypto industry, such as ensuring the authenticity of users' credentials and making the process of distributing tokens more seamless and efficient.
The investment from YZI Labs will help Sign accelerate its development, positioning the company as a key player in the evolving world of cryptocurrency airdrops.
This investment is a clear indication of Zhao's continued belief in the potential of blockchain technology, even as the crypto market faces regulatory challenges and volatility. By reentering the space through targeted investments in startups like Sign, Zhao is signaling his intent to help shape the future of crypto and blockchain technologies.
As the crypto market continues to mature, investments like this one from YZI Labs could play a pivotal role in the next phase of the industry's development. By focusing on infrastructure and utility platforms such as Sign, Zhao and Yi He are positioning themselves to capitalize on the future growth of blockchain and decentralized technologies.
We also wrote Changpeng Zhao clarifies the misinterpretation of cryptocurrencies.
