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YZi Labs, the newly rebranded venture capital arm of the cryptocurrency exchange formerly known as Binance Labs, announced its $16 million investment in Sign, a provider of on-chain token distribution infrastructure. This marks the firm’s first investment since undergoing its rebranding.
Sign, established in 2021, focuses on creating a transparent system for users and AI agents to access crypto tokens. The platform’s services include EthSign for contract signing, TokenTable for digital token management, and Sign Protocol for blockchain-based information verification. YZi Labs’ contribution was part of a funding round that also saw participation from Altos Ventures, HackVC, and Amber Ventures.
Nicola Wang, Investment Director at YZi Labs, underscored the alignment of Sign’s vision with YZi Labs’ mission to foster innovation within the Web3 ecosystem. "Sign’s vision for mass Web3 onboarding aligns with YZi Labs’ commitment to pushing the boundaries of transformative innovation and driving innovation across the Web3 ecosystem and beyond," Wang stated in a press release.
In related news, Changpeng Zhao, also known as CZ, the former CEO of Binance, has rebranded Binance Labs into YZi Labs last week. This move comes after CZ completed a four-month prison sentence in September. Despite stepping down from his role at Binance’s centralized exchange, CZ is expected to play a crucial part in YZi Labs’ investment decisions.
CZ has articulated that the rebranding to YZi Labs represents a broader vision, expanding the firm’s focus to include disruptive sectors such as AI and biotechnology. "Rebranding to YZi Labs is more than a name change—it signifies an expanded vision as we broaden our horizons to include transformative sectors like AI and biotech," CZ remarked during the announcement.
YZi Labs boasts a diverse portfolio with over 250 projects, including investments in prominent companies like Sky Mavis, LayerZero, Aptos Labs, and Polygon. The firm manages assets approximating $10 billion, as reported by Bloomberg.
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