Binance Labs announced a new $500 million fund in June to invest in Web3 and blockchain projects.
Cryptocurrency exchange Binance has appointed co-founder Yi He to oversee its venture capital arm, Binance Labs, two months after it raised $500 million for a new fund focused on Web3 and blockchain investments.
- Binance Labs, which focuses on early-stage investments, manages $7.5 billion in total assets across more than 200 portfolio projects, according to a press release. Portfolio companies include Ethereum sidechain Polygon, crypto exchange FTX and security firm CertiK.
- Yi, who joined Binance just before its launch in 2017, will oversee global strategy and day-to-day operations of Binance Labs with a particular focus on supporting infrastructure projects and improving utility in crypto and blockchain projects.
- She will continue her work with the parent company, including institutional businesses, marketing, Binance P2P and Earn.
- During a CNN appearance on Wednesday, Binance CEO Changpeng Zhao said Yi is “very aggressive” and that Binance would be making “quite a lot of investments” in the near term. He also said Binance as a whole plans to continue hiring, with a target of expanding headcount from the current 6,000 to 8,000 by the end of the year.
This article was originally published on coindesk.com