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The well-known cryptocurrency millionaire Changpeng “CZ” Zhao, who was just freed from prison, is renaming Binance Labs, the venture capital division of Binance Holdings, as YZi Labs, a family office. With US$10 billion in crypto-related assets under its management, the recently established YZi Labs will broaden its investment horizons outside the cryptocurrency space.
YZi Labs Rebranding: A New Phase
CZ is changing his approach to investing after completing a four-month imprisonment and paying a US$50 million fine. He and his Binance co-founder Yi He are the namesakes of YZi Labs, which will now concentrate on longer-term, more diversified investments.
Ella Zhang Returns to Leadership
Binance Labs co-founder Ella Zhang returns to the spotlight as the head of YZi Labs. In addition to Yi He’s personal wealth management, Zhang, a significant figure in the past, contributes experience to the redesigned business.
Impact on Returns: CZ’s Change in Priority
Following his release, CZ turned his attention to making a significant difference. He unveiled Giggle Academy, a non-profit online learning platform designed to increase access to cryptocurrency knowledge and beyond, as part of his new mission.
Extending the Horizons of Investment
With a focus on high-impact, innovative initiatives, YZi Labs intends to investigate fields like biotechnology and artificial intelligence while keeping a core in cryptocurrency. In addition to growing its workforce, the lab is investing between US$500,000 and US$50 million, including strategic token investments.
Important Collaborations and Smart Investments
Following in the footsteps of Binance Labs, YZi Labs has invested in well-known projects as Sky Mavis, Aptos Labs, Polygon, and The Sandbox. YZi Labs is a major participant with assets worth over US$10 billion, surpassing rivals like Polychain Capital and a16z crypto.
CZ’s Guidance and Ongoing Impact
As the head of YZi Labs’ investment committee, CZ actively sources deals and cultivates new relationships for the company. With a net worth of US$69.8 billion, his global influence solidifies his status as a pivotal figure in the cryptocurrency and wider investment environment.
A Tradition Reimagined: YZi Labs’ Prospects
A broader trend of erstwhile cryptocurrency tycoons switching to family offices is reflected in YZi Labs. With CZ’s emphasis on biotech, AI, and social impact initiatives, YZi Labs is well-positioned to become a significant player in international investment circles.