Binance co-founder He Yi will take the post of head of the venture and incubation arm of the cryptocurrency exchange. This is stated in ForkLog’s provided press release.
Her remit as CEO will include leading global strategy and operations at Binance Labs. A portion of her focus will be on supporting infrastructure projects and increasing the usefulness of innovative crypto and blockchain products.
“This is the ideal moment for I to take on a more significant role in Labs, as the market presents an unprecedented opportunity to identify projects capable of thriving in challenging conditions,” said Binance CEO Changpeng Zhao.
According to the statement, the co-founder is focused on accelerating Web3 adoption and distributed ledger technologies by “creating a standard for the blockchain industry”. Under her leadership, the unit will devote additional attention to investments in projects that “will play a specific role in shaping the future of the industry”.
“We can safely say that in the next five years Web3 will reach a billion new users. Yet the sector will only truly become mainstream when its products are seamlessly integrated into users’ lives,” emphasised I.
In the new post, the co-founder succeeds Bill Qian, who had worked at Binance Labs since March 2020. According to the exchange’s representatives, he left the division “for personal reasons”.
The company added that the venture unit manages aggregate assets of $7.5 billion. The group has backed hundreds of startups, including Polygon, Perpetual Protocol and Dune Analytics.
Earlier, Binance Labs invested in the gaming blockchain project Star Sharks, the liquidity platform WOO Network and the decentralized exchange PancakeSwap.
In June, Binance Labs launched a $500 million fund focused on DeFi, NFT, gaming, metaverses and social networks.
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