The daring capital arm of $ 10 billion of Crypto Titan Binance will now be active under a new name and brand.
In a statement, the world’s greatest crypto exchange out Binance Labs has renamed YZI Labs, a risk capital company with a broader focus on web3, artificial intelligence and biotechnology.
The move is intended to give the company independence and a separate identity separate from its parent company.
“Binance Labs has officially renamed YZI Laboratories and steps away from the Binance brand to reflect its independent growth and extensive investment focus.”
The rebranding also represents the decision to expand the company’s investment focus outside of crypto and blockchain.
“While he continues his dedication to promoting Web3 technologies, YZI Labs will now also investigate opportunities in artificial intelligence (AI) and biotechnology, which underline his dedication to promote innovation in several industries.”
Despite the changes, YZI Lab assures its existing portfolio companies that they will continue to receive the same level of support.
Binance founder Changpeng “CZ” Zhao, who is forbidden to return to Binance Leadership after his four-month punishment for violating the American anti-money laundering laws, will play an active advisory role in Yzi Labs. He will supervise founders of the project and supervise the investment strategy of the company.
Former head of Binance Labs Ella Zhang also returns to lead Yzi Labs.
Says Zhang,
“Our mission remains the same: to strengthen visionary entrepreneurs and to push technological boundaries across multiple sectors.”
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