The world’s largest crypto exchange by trading volume, Binance, has appointed co-founder Yi He as the new head of its incubator and venture capital (VC) arm, Binance Labs. Binance Labs invests in “projects with the tenacity to thrive in tough market conditions.”
Binance announced on Wednesday that its venture capital arm has a 2,100% rate of return since its start in 2018 and oversees a total of $7.5 billion in assets across more than 200 portfolio companies.
He co-founded the crypto exchange with Changpeng Zhao in 2017, and currently holds the position of chief marketing officer. He will oversee global strategy and operations at Binance Labs, with a focus on advancing utility and assisting infrastructure initiatives.
She declared: “To expedite widespread adoption, we need to focus our resources on supporting those projects that will push the boundaries of Web 3.0 technology and create products that provide solutions to real-world problems.”
The new leadership change follows Binance Labs’ June $500 million US fundraising effort to launch a fund to invest in Web3 and blockchain technology.
According to its website, Binance Labs has invested in projects spanning from blockchain infrastructure to gaming, such as Polygon, the Sandbox, Axie Infinity, and STEPN.
He will continue to oversee the exchange’s important business divisions, including Binance P2P, Earn, Institutional Business, Marketing, and Customer Support.