Changpeng Zhao, or "CZ," has rebranded Binance Labs into a family office named YZi Labs (pronounced "easy labs").
The announcement emphasizes the venture firm's strategic pivot to include investments in artificial intelligence and biotechnology. YZi Labs aims to grow its team and manage substantial investments ranging from $500,000 to $50 million.
Binance Labs was the venture arm of Binance Holding, with around $10 billion worth of token investments in Web3. Its portfolio includes investments in more than 100 crypto industry companies, including Polygon, SUI, Arkham Intelligence, Ethena, and others. Binance Labs' most recent investment was in Solv Protocol.
"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," said CZ.
Zhao Family Office
The new, rebranded entity is organized under the family office concept.
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A family office is a private company that is usually established to manage investments and finances for high-net-worth (above $100 million) individuals and families.
CZ has an estimated net worth of $65 billion, making him the 24th richest person in the world.
Reportedly, the office will also manage the assets of CZ's co-founder in Binance, Yi He (hence the Y letter in YZi Labs). After CZ was forced to leave Binance's management, Yi He took a more active role in the exchange's operations.
Return of Ella Zhang
Ella Zhang, the first CEO of Binance Labs, who has not been publicly involved in the company's operations since 2020, will lead the entity.
Ella Zhang expressed her excitement about the new venture, saying, "While venturing into new horizons, we aim to push the boundaries of innovation and create lasting value for society."
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