Leading crypto exchange Binance has appointed co-founder He Yi to head Binance Labs, a venture capital and incubator division. It will be responsible for Binance Labs’ global strategy and day-to-day operations. Binance Labs currently manages approximately $7.5 billion in total assets. making it the largest digital asset venture in the industry.
On June 1, Binance Labs closed a $500 million investment fund with partners such as Breyer Capital, Whampoa Group, DST Global Partners and others.
The fund covers all aspects of the cryptocurrency sector. and will be distributed to projects under three stages of investment: incubation, early-stage venture, and final growth.
According to a press release from Binance, their vision is to promote the popularity of Web3 and Blockchain technology by “Set the blockchain industry benchmark and Binance Labs will focus on investing more in talent and building the future of a talented, long-term industry.
It will also continue to lead and support various Binance businesses and divisions, including Customer Service, Institutional Businesses, Binance C2C Marketing, and Binance Wealth Management.
The post Binance co-founder Yi He has been appointed head of Binance Labs appeared first on Bitcoin Addict.