In a recent development, Binance Labs has announced its rebrand to YZi Labs. The investment firm also revealed plans to expand into other sectors and named former Binance CEO Changpeng “CZ” Zhao in a key leadership position.
Binance Labs Rebrands To YZi Labs
In an X post, Binance Labs announced that it has rebranded to YZi Labs. The company explained that it is fitting to step away from the Binance brand name as it expands its investment focus.
The investment firm revealed that it would move beyond crypto and blockchain and expand its scope to include artificial intelligence (AI) and biotechnology (biotech). The firm also reaffirmed its steadfast dedication to advancing Web3 innovation.
Binance Labs also mentioned that the rebrand was necessary, considering that Changpeng Zhao has stepped from the top crypto exchange. As such, the firm declared that it is only “natural” for YZi Labs to also move on from the Binance brand name.
YZi Labs revealed that under this rebranding, CZ will continue to play a pivotal role in investment activities, as he will directly engage with founders and offer mentorship and coaching.
The firm also announced that Ella Zhang will return as Head of YZi Labs. Zhang had launched Binance Labs in 2018 alongside CZ and served as the firm’s first head. She is said to have spearheaded the first three batches of the Incubation Program, supporting over 40 startups, including Polygon, Injective Protocol, CertiK, Dune Analytics, Kava, SafePal, Elrond, and Nym.
Plans For The Year Ahead
In the year ahead, YZi Labs (formerly Binance Labs) revealed that it will focus on investments in Web3, AI, and biotech while exploring innovations at the intersection of these fields.
The firm also reaffirmed that it remains laser-focused on the fundamentals, backing projects with the potential for long-term impact and supporting innovation that can drive the next wave of growth in the industry, regardless of market cycles or trends.
CZ also commented on the rebrand in an X post. He simply said,
New year, new era, new name
Although the former Binance CEO has stepped away from Binance, he remains actively involved in the crypto space. He even recently teased about buying the Bitcoin dip when the flagship crypto dropped below $100,000 last week.
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