Binance the largest cryptocurrency exchange by trading volume is making strategic moves to bolster the venture capital side of its business.
In a new announcement, Binance says that chief marketing officer Yi He will take over as the new head of Binance Labs to put an emphasis on fostering innovative growth for blockchain technology.
Yi, who along with CEO Changpeng Zhao co-founded Binance in 2017, says one of her priorities will be to provide support to talented risk-takers.
Regarding the importance of ensuring widespread adoption of Web 3.0 adoption, Yi said:
“Part of the journey of seeing Binance grow, especially through tough market conditions, has been the ability to identify those founders that have the skills and embody the values needed to thrive in an environment where resources are more limited.”
Regarding WEB3 adoption, he added:
“Web3 will only truly become mainstream when its products weave seamlessly into users’ lives. To expedite widespread adoption, we need to focus our resources on supporting those projects that will push the boundaries of Web3 technology and create products that provide solutions to real-world problems.”
In an interview with CNN, Binance CEO Changpeng Zhao reflected on the company’s long-term success while declaring that crypto bear markets are when investors will find opportunities at ideal prices.
“This is really the best time to invest in the industry. We did this four years ago during the bottom of the bear market, the last cycle. It worked out fantastically well.
We invested a couple of a hundred million dollars… and now our portfolio is [worth] $7 billion. So it’s one of the best performing funds ever, I think.”
Beginning of June (two months ago), the venture capital Binance Labs announced $500 million investment in projects that can extend the use cases of cryptocurrencies and drive the adoption of Web3 and blockchain technologies.
Binance Labs says its portfolio is comprised of more than 200 projects with a value of $7.5 billion.