Co-founder of Binance Yi He will take over as the organization's venture capital and incubator division's chief.
The CEO of Binance Labs will be in charge of overseeing the company's overall strategy and operations. Her emphasis will include advancing the utility of cutting-edge cryptocurrency and blockchain technologies as well as supporting infrastructure initiatives.
According to Changpeng Zhao, head of the exchange, "now is the ideal time for Yi to take on a greater role at Labs since the market presents an unparalleled chance to uncover companies that can survive in adverse settings."
According to the announcement, the Binance co-founder is focused on driving the adoption of Web3 and distributed ledger technologies by “creating a standard for the blockchain industry.” Under her leadership, the division will place additional emphasis on investing in projects that "will play a role in shaping the future of the industry."
“It's safe to say that Web3 will reach one billion new users in the next five years. However, [the sector] will only truly become mainstream when its products organically enter the lives of users,” Yi emphasized. In her new position, the co-founder of the company replaced Bill Qian, who has been working at Binance Labs since March 2020. According to representatives of the exchange, he left the branch "for personal reasons."
The company added that the venture division manages total assets of $7.5 billion. The structure has supported hundreds of startups, including Polygon, Perpetual Protocol, and Dune Analytics.
Binance Labs has previously invested in Star Sharks gaming blockchain project, WOO Network liquidity platform, and PancakeSwap decentralized exchange.
Recall that in June, Binance Labs launched a $500 million fund focused on DeFi, NFT, games, metaverses, and social networks.