The world’s largest cryptocurrency exchange is turning to one of its earliest leaders to help guide its venture capital efforts.On Wednesday, Binance announced that He Yi—its 36-year-old cofounder—would take over Binance Labs, the company’s venture capital arm. Binance, in addition to being an exchange, has one of the largest investment funds in the crypto space. In a statement announcing the leadership change, the exchange claimed that it had $7.5 billion under management, with a 2,100% rate of return on its investments since Binance Labs launched in 2018. Binance has invested in over 200 companies, according to its statement, including in firms like Sky Mavis, the developer behind play-to-earn game Axie Infinity, and Stepn, the so-called move-to-earn game that rewards runners with cryptocurrency. He will take over Binance’s venture arm at a moment when its ambitions are growing. Until recently, the exchange has only invested its own money in crypto startups. In June, it launched a $500 million fund with backing<\/p>\n","protected":false},"excerpt":{"rendered":"
The world’s largest cryptocurrency exchange is turning to one of its earliest leaders to help guide its venture capital efforts. On Wednesday, Binance announced that He Yi—its 36-year-old cofounder—would take<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[36,1],"tags":[54,27,29,362],"class_list":["post-95490","post","type-post","status-publish","format-standard","hentry","category-markets","category-news","tag-crypto","tag-economy","tag-markets","tag-venture-capital"],"acf":[],"_links":{"self":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts\/95490","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/comments?post=95490"}],"version-history":[{"count":0,"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts\/95490\/revisions"}],"wp:attachment":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/media?parent=95490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/categories?post=95490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/tags?post=95490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}