October 7, 2022

The world’s largest cryptocurrency exchange by trading volume is making strategic moves to strengthen the venture capital side of its business.

In a new announcement, Binance says that Chief Marketing Officer Yi He will take over as the new head of Binance Labs to focus on promoting innovative development for blockchain technology.

Yi, who along with CEO Changpeng Zhao co-founded Binance in 2017, says one of her priorities will be to provide support to talented venture capitalists.

“Part of the journey to see Binance grow, especially through difficult market conditions, has been the ability to identify those founders who have the skills and embody the values ​​needed to thrive in an environment where resources are more limited.”

Regarding the importance of ensuring the widespread adoption of Web 3.0, Yi adds,

“Web3 will only become truly mainstream when its products are seamlessly integrated into users’ lives. To accelerate widespread adoption, we need to focus our resources on supporting these projects that will push the boundaries of Web3 technology and create products that provide solutions to real-world problems.”

In an interview with CNN, Binance CEO Changpeng Zhao is reflected about the company’s long-term success, while stating that the crypto markets are where investors will find opportunities at ideal prices.

“This is truly the best time to invest in the industry. We did this four years ago during the bottom of the bear market, the last cycle. It worked fantastically well.

We invested a few hundred million dollars… and now our portfolio is [worth] 7 billion dollars. So it’s one of the best performing mutual funds ever, I think.”

In June, Binance Labs announced a new $500 million investment fund aimed at boosting the adoption of crypto assets and blockchain technology, including Web 3.0 technologies.

Binance Labs says its portfolio consists of more than 200 projects worth $7.5 billion.


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