Binance Appoints Co-Founder Yi He to Lead $7.5B Venture Arm
Godfrey Benjamin Aug 04, 2022 02:15
Cryptocurrency trading platform Binance has appointed co-founder Yi He to lead Binance Labs, its $7.5 billion venture capital arm.
Binance, the world's largest digital currency trading platform, has appointed co-founder, He Yi to lead Binance Labs, its $7.5 billion venture capital arm.
He Yi has been a crucial part of the Binance success story since its inception. Amongst many other responsibilities, she has been in charge of the exchange's customer support, institutional business, marketing, Binance P2P, and Earn.
By taking charge of Binance Labs, He will be assuming more responsibilities by leading the company's investment strategy when the venture capital outlook is very gloomy.
"As part of the founding team, Yi has been actively involved in Labs since its inception and has played a pivotal role in identifying early-stage projects and founders with the vision and drive to disrupt those global institutions that no longer serve society effectively," said Binance CEO CZ (Changpeng Zhao), adding that "This is the perfect moment for Yi to take on a larger role in Labs as this market presents an unparalleled opportunity to identify those projects with the tenacity to thrive in tough market conditions."
He will help build on the strides of Binance Labs, which has a sterling record of 2,100% growth across its cumulative protocol since inception. Binance Labs currently holds as much as $7.5 billion in assets under management (AUM) and counts the likes of FTX, CertiK, Polygon, and Dune Analytics as some of its flagship protocols.
The female leader will bring her experience to help single out those founders whose innovation stands out and can chart a good growth path amidst these challenging times in crypto's history.
"Part of the journey of seeing Binance grow, especially through tough market conditions, has been the ability to identify those founders that have the skills and embody the values needed to thrive in an environment where resources are more limited. As a leading player in the space, my goal is to help define the industry standard by identifying and supporting sustainable projects and building an ecosystem of quality blockchain solutions that empowers the entire industry," said He.
Part of her first assignment will be allocating the proceeds of the $500 million fund raised in June this year.
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