After spending a few months through the prison box during the year 2024, Changpeng Zhao wasted no time going back to business. With the support of Yi He, the one with whom he founded Binance, the former CEO of the Crypto Exchange has embarked on a new project focused on venture capital.
A few months after his release from prison, Changpeng Zhao puts his foot to the stirrup
After pleading guilty as part of the trial where he was accused of money laundering in Binance, Changpeng Zhao had been sentenced to 4 months' imprisonment. The former CEO of Exchange was imprisoned for 4 months within the Federal Correctional Establishment of Lompoc in California, between May and September 2024.
Free For several months, the one we call “CZ” has been working in the shadows In a vast project. He worked to transform the venture capital branch of Binance, hitherto called Binance Labs, in a new entity called Yzi Labs.
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In the past, Binance Labs has supported many start-ups in the cryptocurrency sector, of which Dune Analytics, which provides Crypto data or the blockchains hub Polygon. “” The brand change towards Yzi Labs is more than a name change: it means an extended vision while we widen our horizons To immerse ourselves in innovative sectors such as AI and biotechnology, “Said CZ.
During the coming year, the venture capital company will seek to identify companies specialized in biotechnology, artificial intelligence (AI) and in the web3 whose future could be promising. Yzi Labs will invest in these start-ups And will seek to support them in their growth.
In its press release, the company has given more details on the role that CZ will play in the future. ” As part of this change of branding, CZ will continue to play a central role in investment activitiesby committing directly to the founders of targeted companies and by offering mentoring and coaching ».
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For its 1st investment, Yzi Labs will accompany a crypto start-up
This Tuesday, this venture capital company announced its very first investment. She set her sights on a start-up named name Sign. The old branch of Binance even led his round, bringing him Funding of $ 16 million.
This young company is known to offer a range of products and services focused on cryptocurrencies. One of these tools, baptized Token tableallows you to organize as well as possible The distribution of tokens as part of Airdrops,, safely.
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In just 2 years, sign income has passed from 1.7 million to 15 million dollarssurfing on the growth popularity of the Airdrops, especially on the tone blockchain. Xin Yan, the CEO and co-founder of the start-up said that the funding obtained thanks to the help of Yzi Labs must allow his business to develop internationally and promote the adoption of blockchain with governments around the world.
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Source: Yzilabs on X, press release
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Investments in cryptocurrencies are risky. There is no guaranteed high yield, a product with high performance potential implies a high risk. This risk taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital
Surprised by the rise of cryptocurrencies at the end of the 2010s, I started to follow from near this sector which fascinates me at the highest point. When I am not in football, rugby or handball room stadiums, I brought myself to write relevant articles around cryptocurrencies and more broadly, of the web3.
Zacharie Tazrout
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