Binance co-founder Hye Yi will take over as head of the venture capital and incubation arm of the cryptocurrency exchange. This is stated in a press release provided by ForkLog.
The CEO will be responsible for leading the global strategy and operations at Binance Labs. Part of her focus will be on supporting infrastructure projects, as well as increasing the utility of innovative crypto and blockchain products.
“This is the perfect moment for Yi to take on a larger role at Labs as the market provides an unprecedented opportunity to find projects that can thrive in challenging environments,” said Changpeng Zhao, head of the exchange.
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.
The co-founder of the company replaced Bill Qian, who worked 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 previously invested in the Star Sharks gaming blockchain project, the WOO Network liquidity platform, and the PancakeSwap decentralized exchange.
As a reminder, Binance Labs launched a $500 million fund in June focused on DeFi, NFT, games, metaverses and social networks.
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