TechPression

Tag: Binance Labs

  • Binance Labs rebrands to YZi, expands beyond crypto to focus on AI, biotech

    Binance Labs rebrands to YZi, expands beyond crypto to focus on AI, biotech

    The venture capital division of Binance, Binance Labs, has formally changed its name to YZi Labs, signifying its independence and broadening its investment emphasis beyond blockchain and cryptocurrency to encompass biotechnology and artificial intelligence (AI).

    This development comes as Changpeng Zhao (CZ), the founder and former CEO of Binance continues to disassociate himself from day-to-day operations at Binance.

    But according to the announcement on Thursday, CZ is still a key player in YZi Labs, where he actively participates in investments and offers startup founders direct mentoring and advice.

    Read also: Thena raises undisclosed investment from Binance Labs to fuel DeFi expansion

    Independent entity 

    Since the company has been using the Binance name to function independently for years, the decision to rebrand is viewed as a logical next step. As CZ is leaving Binance, YZi Labs is doing the same by becoming an independent company.

    The renaming keeps YZi Labs’ roots in Web3 innovation while embracing its larger goal to explore investments in revolutionary industries like biotech and AI.

    Even with his diminished responsibilities at Binance, CZ continues to have a significant impact at YZi Labs. His passion to form the next generation of innovators is demonstrated by his involvement in mentoring startup founders.

    “Rebranding to YZi Labs is more than a name change—it’s about expanding our focus while staying dedicated to empowering founders with the tools and guidance they need to succeed,” CZ stated.

    Read also: How to keep your Pi safe: Wallet tips and scam prevention

    Ella Zhang returns to lead YZi 

    Ella Zhang, who co-founded Binance Labs with CZ in 2018, has returned to serve as the CEO of YZi Labs. Zhang was instrumental in Binance Labs’ early success, supporting companies including Polygon, CertiK, and Dune Analytics.

    In 2020, Ella took a break to focus on her business endeavours. Ella has returned to oversee YZi Labs, where she will use her extensive knowledge of investments and founder-focused viewpoint to guide the company through its next stage of expansion.

    “I’m excited to rejoin YZi Labs at this pivotal moment and reconnect with our founders and community. While the rebranding marks the start of a new chapter, our mission remains unchanged: to empower visionary founders who are building for the long term with strong execution. By venturing into new horizons in AI and biotech, while staying rooted in our Web3 foundations, we aim to push the boundaries of innovation and create lasting value for society,” said Ella Zhang, Head of YZi Labs.

    YZi Labs promised that the rebranding will not impact its current portfolio firms’ resources or programs. Along with improving its incubation program, the organisation will provide startup founders a 12-week in-person residency to encourage innovation and collaboration.

  • Thena raises undisclosed investment from Binance Labs to fuel DeFi expansion

    Thena raises undisclosed investment from Binance Labs to fuel DeFi expansion

    Binance Labs has made an undisclosed investment in Thena, a decentralized exchange (DEX) and liquidity system built on the BNB Chain. This announcement was made by Binance Labs on Tuesday.

    The goal of Thena, which was introduced in January 2023 and uses the cutting-edge ve(3,3) tokenomics model, is to develop a comprehensive, decomposable liquidity layer that integrates the greatest aspects of the most popular DeFi protocols into a single platform.

    Thena wants to empower individual users, promote a vibrant ecosystem based on openness and cooperation, and accelerate the widespread adoption of DeFi by giving security, scalability, and user experience top priority.

    Read also: Binance customer fund deposits hit $21.6 billion in 2024: Report

    Raised funds to boost Thena’s expansion

    The money generated will be carefully used to boost Thena’s platform’s growth and development, improve security protocols, scale user acquisition initiatives, fortify alliances and collaborations within the BNB Chain ecosystem, and spur innovation in DeFi.

    “Binance Labs is always looking to invest in projects that unlock meaningful use cases and foster ecosystem development. Thena’s approach to liquidity and their strong focus on user experience position them as a key player in the next wave of DeFi growth, and we are thrilled to support them in their quest to become the ‘SuperApp’ platform set to onboard the masses on-chain,” said Alex Odagiu, Investment Director, Binance Labs.

    “Welcoming Binance Labs as a strategic partner marks a pivotal moment in our growth journey. Renowned for their expertise in Web3 and their investments in top-tier DeFi protocols, Binance Labs’ support will greatly accelerate our mission to bring our state-of-the-art DEX to a global audience. We are eager to share more exciting developments in the coming weeks,” said Theseus, CEO & Co-Founder of Thena.

    Read also: Binance, AltSchool Africa offer tech scholarships to 500 young Africans: How to apply

    About Binance Labs

    Binance Labs is a premier venture capital and incubator dedicated to advancing the Web3 ecosystem’s growth and development while empowering early-stage enterprises.

    It has continuously prioritized the long term since its foundation in 2018 and has funded and supported projects strategically, irrespective of market cycles.

    It supports everything from infrastructure to application layers as a leading venture financing firm in the Web3 domain that is not sector or chain-specific.

    It has always prioritized tech innovation with a significant product-market fit and long-term income streams.

    The more than 250 projects in Binance Labs’ portfolio come from more than 25 nations on six continents. Projects that have completed its incubation programs make up over 65 of Binance Labs’ portfolio companies.

    About Thena

    Thena’s goal is to provide a comprehensive, decomposable liquidity layer that integrates the greatest aspects of top DeFi protocols into a single platform. It has done this by embracing the cutting-edge ve(3,3) tokenomics model.