Binance CEO revamps $7.5 billion VC arm, says now is the best time to invest in crypto
The world’s largest cryptocurrency exchange by trading volume is making strategic moves to strengthen the venture capital side of the business.
In a new announcement, Binance says Chief Marketing Officer Yi He will take over as the new head of Binance Labs to focus on fostering innovative growth for blockchain technology.
Yi, who along with CEO Changpeng Zhao co-founded Binance in 2017, says one of her priorities will be to support talented risk-takers.
“Part of the journey of seeing Binance grow, especially through tough market conditions, has been the ability to identify those entrepreneurs who have the skills and embody the values needed to thrive in an environment where resources are more limited.”
Regarding the importance of ensuring widespread Web 3.0 adoption, Yi adds,
“Web3 will only truly become mainstream when its products are woven seamlessly into users’ lives. To accelerate widespread adoption, we must focus our resources on supporting those 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 reflected on the company’s long-term success while declaring that crypto bear markets are when investors will find opportunities at ideal prices.
“This really is 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 amazingly well.
We invested a couple of hundred million dollars… and now our portfolio is [worth] 7 billion dollars. So it’s one of the best funds ever, I think.”
Back in June, Binance Labs announced a new $500 million investment fund aimed at increasing the use of cryptoassets and blockchain technology, including Web 3.0 technologies.
Binance Labs says its portfolio consists of more than 200 projects valued at $7.5 billion.
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