December 7, 2022

The world’s largest cryptocurrency exchange by trading volume is taking strategic steps to enhance the venture capital aspect of its business.

In a new announcement, Binance Says Chief Marketing Officer Yi He will take over as the new head of Binance Labs to focus on promoting the innovative growth of blockchain technology.

Yi, who co-founded Binance with CEO Changpeng Zhao in 2017, says one of her priorities will be to support talented risk takers.

“Part of the journey of seeing Binance grow, especially in challenging market conditions, has been the ability to identify founders who have the skills and embody the values ​​needed to thrive in an environment where resources are limited.”

Regarding the importance of ensuring widespread adoption of Web 3.0 adoption, Yi adds,

“Web3 will only truly become mainstream when its products are seamlessly woven into the lives of users. To accelerate widespread adoption, we need to focus our resources on supporting those projects that will push the boundaries of Web3 technology and creating products that provide solutions to real-world problems.”

In an interview with CNN, Binance CEO Changpeng Zhao reflected On the company’s long-term success with the announcement that bear markets for cryptocurrency is the time when investors will find opportunities at ideal prices.

“It really is the best time to invest in the industry. We did this four years ago during the bottom of a bear market, the last cycle. It worked fantastically well.

We invested a few hundred million dollars … and now our portfolio [worth] 7 billion dollars. So it’s one of the best performing chests ever, I think.”

Back in June, Binance Labs announced a new $500 million investment fund aimed at boosting the adoption of crypto assets and blockchain technology, including Web 3.0 technologies.

Binance Labs says its portfolio consists of more than 200 projects worth $7.5 billion.


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