Binance Labs, the venture capital arm of Binance Holdings, is getting a makeover as Changpeng Zhao (CZ) turns it into his personal piggy bank. 🪙
On Jan. 23, Binance Labs unveiled a new name: YZi Labs. 🎉 And who’s leading the charge? None other than CZ himself, the man who made Binance a household name and then went to jail for it. 🤦♂️
Alongside Ella Zhang, who co-founded Binance Labs in 2018 and has a track record of turning crypto projects into market leaders (like Polygon, Injective, Dune Analytics, Certik, and SafePal), CZ is steering the ship. 🚢
But wait, there’s more! Under its new family office initiative, YZi Labs isn’t just sticking to crypto and blockchain. It’s branching out into AI, web3, and biotechnology. 🧠🔬
“Rebranding to YZi Labs is more than a name change—it signifies an expanded vision as we broaden our horizons to include transformative sectors like AI and biotech,” CZ said. 🚀
Oh, and did I mention CZ stepped down as Binance CEO in 2023 after a little run-in with the law? He served a four-month prison sentence before getting back into the game. 🏛️
After his release, CZ hinted at focusing on “impact” investments rather than just making money. He also announced Giggle Academy, which sounds like a project where he teaches the world how to laugh at his failures. 🤣
So, with YZi Labs, CZ plans to refine the incubation program, reintroduce residency initiatives for project founders, and keep supporting its 250 projects. All while he figures out what to do next. 🤷♂️
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2025-01-23 19:10