YZi Labs, the rebranded venture capital firm formerly known as Binance Labs, has invested $16 million in Sign, an on-chain token distribution platform.
This is YZi Labs' first investment since its rebranding earlier this month, with former Binance CEO Changpeng Zhao (CZ) taking an "active" role.
Sign, founded in 2021, focuses on creating simplified methods for the distribution of crypto tokens, primarily through airdrops, and bringing credential information on-chain. They offer services like EthSign, TokenTable, and Sign Protocol. Other investors in the funding round included Altos Ventures, HackVC, and Amber Ventures.
“Proper distribution builds trust, and verification is an essential part of it. As more people move on-chain, this is a critical part of the foundational infrastructure,” Zhao, who is known to everyone in the crypto world as “CZ” said in an email to Fortune.
YZi Labs, now managing around $10 billion, aims to expand into transformative sectors like AI and biotech. Sign’s vision aligns with YZi Labs' goal of driving innovation in the Web3 ecosystem.