Binance Co-Founder Takes Helm of Exchange’s Venture Arm

Binance lost co-founder Yi Han to lead the crypto exchange’s venture arm and incubator. The move comes after ex-Binance Labs executive Bill Qian revealed that he is leaving the company to “move on to a new chapter.” Qian’s next move is not known.

Binance Labs manages $7.5 billion in assets, comprising more than 200 portfolio companies. It has incubated projects such as Polygon, FTX, Certik, Nym and Dune Analytics and closed a $500 million investment fund in June.

Set to lead the business’s global strategy and day-to-day operations, he will also focus on supporting infrastructure projects and improving utility in innovative crypto and blockchain projects.

The “unique ability” to identify projects that will thrive in tough market conditions makes it a perfect time for He to take the helm of the company’s venture business, Binance CEO Changpeng Zhao said.

“As a leading player in the space, my goal is to help define the industry standard by identifying and supporting sustainable projects and building an ecosystem of quality blockchain solutions that empower the entire industry,” he said in a statement.

Valora technology company that offers a variety of crypto ETPs, employee Elaine Buhler as product manager to help expand the product range.

Bühler was previously Head of Product for Switzerland-based 21Shares, and was responsible for the launch of crypto ETPs (Exchange Traded Product) in the Swiss and European markets.

Peter Märkl, former head of legal affairs for 21Shares, became Valour’s general counsel at the beginning of the month. Valor also hired Marco Infuso, a former CEO and head of Germany at the crypto fund manager, to lead global sales.

Kelly Catherine Chapman has joined crypto fund manager Wave Financial as head of legal and chief compliance officer.

Chapman will provide legal advice on Wave’s expansion, including managing external counsel in fund formation work, active fund management, institutional investor work, venture agreements and mergers and acquisitions.

Kelly most recently served as product advisor for securities-related products for Figure, and in-house counsel and chief compliance officer for related funds and registered investment advisors.

Singapore-based blockchain gaming and entertainment company Digital Entertainment Asset (DEA) appointed Ryohei Nuka as finance manager.

Nuka joined Goldman Sachs in 2009 and was responsible for product control operations for equity and derivatives trading desks. He was most recently a senior controller in the finance department of Goldman Sachs Japan.

DEA’s former CFO, Kyuzaburo Suzuki, will continue to help develop the company’s financial strategy as a senior advisor.

Web3 game development and distribution company Tredjevers employee Isao Moriyasu as its executive producer of Web3 games.

The former CEO of DeNA, one of Japan’s largest mobile gaming IT providers, Moriyasu is set to further help drive Thirdverse’s growth in the metaverse and Web3.

Crypto platform BitGo promoted Chen Fang to operations manager and appointed Victor Tsou to vice president for engineering.

Fang and Tsou will focus on driving BitGo’s operational strategy as the company continues to provide custody, trading and financing solutions to investors, fintech firms and cryptonative platforms that own digital assets.

Fang most recently worked as BitGo’s product manager. Before joining BitGo, he co-founded Lumina, a digital asset portfolio management suite that was acquired by BitGo in early 2020.

Tsou was most recently senior director of engineering at Affirm, where he led efforts in loan servicing, payment processing, international expansion and consumer products. He has also led engineering teams at Block.

Web3 and Metaverse infrastructure company InfiniteWorld employee Alan Krassowski as Chief Technology Officer. He replaces Lucas Henning, who becomes Chief Technology Officer at Suku, InfiniteWorld’s Web3 partner.

Prior to InfiniteWorld, Krassowski served in the roles of CTO, Chief Architect, Vice President of Technology and Senior Director of Engineering at companies such as ConsenSys Capital, Intel Security, Symantec, Cylance and Kiva.

Crypto banking and payment company BVNK employee Jonathan Cumberlidge to lead currency growth. He will work with brokers and funds to design digital asset banking and payment solutions that support the demand for services from particularly active traders.

“Traders want increased access to crypto liquidity, for both spot and derivative products, custody solutions, platforms, banking and payments,” Cumberlidge said in a statement. “With their loyal, active trading client bases, brokers are ideally positioned to satisfy these demands and diversify into crypto as an emerging asset class.”

The manager most recently worked as sales director Finalto During his career, Cumberlidge has also held senior sales positions at companies including Saxo Bank, GAIN Capital and GFT.

Robinhood announces more layoffs

Robinhood CEO Vlad Tenev revealed on Tuesday that the company will reduce the company’s workforce by 23% in the wake of reduced customer trading activity and assets under custody.

The layoffs are set to reduce Robinhood’s workforce to 2,600 employees. Severance pay and restructuring costs as a result of the job cuts are estimated to cost between $45 million and $60 million, executives said during the company’s earnings call Wednesday.

Sam Wellalage, founder of WorkInCrypto.Global, said he expects about a third of the layoffs to come from roles focused on digital assets.

“Most people who lose jobs in crypto are snapped up by fintech and TradFi [companies]”, Wellalage told Blockworks. “We’re also seeing a lot of hyper-growth startups snap up these candidates.”

The market environment and resulting layoffs are also tough for boutique-style headhunting firms like Wellalage’s company. He said his crypto recruiting firm, which averaged about 10 placements per month, now does less than half that.

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