YZi Labs Makes Its First Investment Post-Rebranding
YZi Labs, the newly rebranded venture capital division of the prominent crypto exchange Binance, has made headlines with its first investment following the release of its founder, Changpeng “CZ” Zhao, from prison. As reported by Fortune, the firm, which was formerly known as Binance Labs, has successfully led a $16 million funding round for Sign, an innovative startup focused on simplifying token distribution and enhancing the verification of credentials on-chain.
In a statement shared via email, Zhao emphasized the importance of trust and verification in the evolving blockchain landscape, stating, “Proper distribution builds trust, and verification is an essential part of it. As more people move on-chain, this is a critical part of the foundational infrastructure.”
The rebranding to YZi Labs marks a significant shift in the company’s focus—from merely serving as the venture capital arm of Binance to operating as a family office for Zhao and his co-founder, Yi He. This change indicates Zhao’s hands-on approach to investments moving forward.
It’s worth noting that Zhao’s recent release from U.S. prison came after he served a four-month sentence for violating the Bank Secrecy Act by failing to implement a robust know-your-customer (KYC) program at Binance. Additionally, as part of his guilty plea, he agreed to pay a hefty $50 million fine and stepped down as the CEO of Binance.
As of now, YZi Labs has yet to respond to inquiries from CoinDesk regarding this latest development.
