Binance Appoints Co-founder Yi He as Head of its VC Arm

Leading crypto exchange platform Binance has announced the appointment of its Co-founder as the head of its dedicated venture capital arm Binance Labs. The exchange announced this appointment at a very pivotal time in the company’s existence.

With Yi in charge, Binance Labs will continue identifying and supporting more founders across more geographies and sectors. This is aimed at the advancement and development of a broader blockchain ecosystem.

According to Binance CEO Changpeng Zhao, Yi has been pivotal in identifying these early-stage projects and founders as part of the founding members of Binance Labs.

To Foster the widespread adoption of web3 products, Yi will focus on “building the standard for the industry”. This will be achieved by “identifying and supporting sustainable projects, and building an ecosystem of quality blockchain solutions that empowers the entire industry”.

In addition to her new role, Yi will also continue overseeing customer support, institutional businesses, marketing, Binance P2P, and Earn at Binance.

Yi was part of the founding members of Binance, before her new appointment, she served as the exchange CMO.

Before joining the exchange, she worked at Yixia Technology as their Vice President. she skillfully supervised the firm’s product and marketing operations making it a leader in the Chinese mobile video market. 

Yi was also part of OkCoin as co-founder and vice president. Her appointment comes just two months after Bill Qian resigned as the Head of Binance Labs due to personal reasons.

Behemoth Binance Labs

Binance Labs with a total of $7.5 billion assets under management making it the largest crypto VC in the industry has invested in over 200 portfolio projects. Some of the latest portfolio companies and key projects include Polygon, Nym, and Ultiverse.

Since its inception in 2018, Binance Labs says it has made a 2,100% rate of return.

Recently, the venture capital firm closed a $500 million fund dedicated to Investment in blockchain and web3 adoption. The fund will be invested in promising projects in the cryptosphere across three stages – incubation, early-stage venture, and late-stage growth.

The fund was supported by institutional investors like DST Global Partners, and Breyer Capital. Yi He will be responsible for deciding where the funds will be going to.