Crypto exchange platform Binance announced its co-founder Yi He as the new leader of its venture capital unit, Binance Labs, replacing Bill Chin, who quit earlier this year.
Binance Labs manages total assets of US$7.5 billion. The feat makes it one of the largest venture capitalists in the crypto industry, rivaling giants with a focus on digital assets such as Silicon Valley investment firm Andreessen Horowitz, which is valued at US$7.6 billion so far.
Since its founding in 2018, Binance Labs has made 2.100% returns. The leadership reshuffle demonstrates Binance’s priority over venture investment during the current market downturn.
“After going through two bear markets, I understand that this is the best time to invest more aggressively,” He said as quoted by Bloomberg.
He said Binance would focus on projects that would pave the way for wider adoption of crypto and blockchain.
“Our style is discreet and stable. We look at assets globally, but we need to know what is worth buying. We can’t buy something because we just want to buy it. We don’t need to pump up our valuations or make up stories. We need results,” He said of Binance Labs strategy.
He who is currently the Chief Marketing Officer of Binance, joined in pioneering the founding of Binance with Changpeng Zhao who is now the Chief Executive Officer of Binance, after leaving OKCoin, the Chinese crypto exchange. Also a former television host, He is also one of the pioneers in the Chinese blockchain community and has been actively involved with the exchange’s venture capital unit since its inception.
Binance Labs recently raised a US$500 million fund backed by investors including DST Global Partners and Breyer Capital. The unit has invested in more than 200 projects ranging from games and decentralized financial platforms to crypto infrastructure, including Sandbox and STEPN, as well as blockchain startup Aptos Inc.
“This is a good time for Yi to take on a bigger role at Labs as bear markets present an unparalleled opportunity to identify projects with the tenacity to thrive in difficult market conditions,” Zhao said in a statement.