Binance, the blockchain ecosystem behind the largest crypto exchange, named its Co-Founder Yi He as the new head of its venture capital (VC) arm and incubator, Binance Labs.
What will be Yi’s role at Binance Labs?
Yi will lead global strategy and the day-to-day operations. She will also focus on supporting infrastructure projects and improving utility in innovative crypto and blockchain projects.
Her vision is to drive the future adoption of Web3 and blockchain by “building the standard for the blockchain industry.” Under Yi’s leadership, Binance Labs will have an additional emphasis on investing in driven founders who will play a role in shaping the future of the industry.
Binance Labs is the largest crypto VC in the industry by assets under management (AUM) with a multiple on invested capital (MOIC) of 21.0x, a performance metric that is unmatched in the industry. It manages total assets of $7.5bn, comprised of over 200 portfolio projects.
“As part of the founders, Yi has been involved in Labs since its inception and has played a vital role in identifying early-stage projects and founders with the vision and drive to disrupt those institutions that no longer serve society effectively,” said Binance CEO Changpeng Zhao.
“This is the moment for Yi to take on a larger role as this market presents an unparalleled opportunity to identify those projects with the tenacity to thrive in tough market conditions.”
What were Yi’s thoughts on the new role?
“Part of the journey of seeing Binance grow, especially through tough market conditions, has been the ability to identify 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 standard by identifying and supporting sustainable projects and building an ecosystem of quality blockchain solutions that empowers the industry,” said Yi.
“It is a foregone conclusion that Web3 will reach one billion new users in the next five years. However, Web3 will only truly become mainstream when its products weave seamlessly into users’ lives. We need to focus our resources on supporting those projects that will push the boundaries of Web3 tech and create products that provide solutions to real-world problems.”
Binance Labs’ investment strategy has focused on early-stage projects in key verticals. This strategy has seen Binance Labs incubate some of the most successful projects, like Polygon, FTX, Certik, Nym, and Dune Analytics. The team recently closed a $500m investment fund that includes participation from institutional investors like DST Global Partners and Breyer Capital. Some of the latest portfolio firms and key projects include pStake and Ultiverse.
Yi will continue leading and supporting the organization’s key business initiatives and units including customer support, institutional business, marketing, Binance P2P and Earn.