Binance has appointed co-founder Yi He to lead its venture capital arm, Binance Labs, just two months after raising $500 million for a new fund focused on Web3 and blockchain projects.
According to a news release, Binance Labs, which focuses on early-stage investments, manages $7.5 billion in total assets across more than 200 portfolio projects. Among the portfolio businesses are Ethereum sidechain Polygon, cryptocurrency exchange FTX, and security firm CertiK.
Yi, who joined Binance shortly before its launch in 2017, will be in charge of Binance Labs’ worldwide strategy and day-to-day operations, with a special emphasis on supporting infrastructure projects and boosting usefulness in crypto and blockchain projects.
She will continue to work for the parent firm in areas such as institutional businesses, marketing, Binance P2P, and Earn.
Binance CEO Changpeng Zhao stated that Yi is “extremely ambitious” and that the company will make “quite a lot of investments” in the near future. He also stated that Binance intends to continue hiring, with a goal of increasing staff from 6,000 to 8,000 by the end of the year.