Binance Labs, the venture capital arm and incubator of Binance Holdings, is getting a fresh start with Changpeng Zhao transitioning into a family office.
On January 23, Binance Labs announced its rebranding to YZi Labs and announced a new management team led by Binance founder and former CEO Changpeng Zhao, also known as CZ.
According to the announcement, CZ will co-operate YZi Labs with Ella Zhang, who co-founded Binance Labs in 2018. During his time at the VC platform, Mr. Zhang oversaw the incubation of multiple crypto projects that grew into top ecosystems in the market. Polygon, Injective, Dune Analytics, Certik, and SafePal.
Under the new family office initiative, YZi Labs will expand its focus beyond cryptocurrencies and blockchain. The announcement highlighted new investment areas such as artificial intelligence, Web3, and biotechnology.
“Rebranding to YZi Labs is not just a name change, but an expansion of our vision by expanding our horizons to include transformational fields such as AI and biotechnology,” CZ said.
Zhao resigned as Binance CEO in 2023 after reaching a settlement with US authorities. He also served a four-month prison sentence in the United States and was released from a California correctional facility on September 27, 2024, returning to the industry.
Binance’s decision to sever ties with its VC arm began to take shape after the release of CZ. In a post on X after his incarceration, Chao said he would focus on “impact” investing rather than financial gain. He also announced plans for an educational project called Giggle Academy.
CZ will work with YZi Labs to improve the venture capital unit's incubation program, including reintroducing resident initiatives for project founders. The company will also continue to support its existing portfolio of 250 projects.
