Cryptocurrencies
Binance Co-Founder He to Lead $7.5 Billion VC Arm in Shuffle
- VC unit reports 2,100% rate of return since 2018 inception
- Ex-head of Binance Labs Bill Chin left earlier this year
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Binance, the world’s biggest crypto exchange, said its co-founder Yi He will serve as the new head of its venture capital arm Binance Labs, replacing Bill Chin, who left earlier this year.
Binance Labs manages total assets of $7.5 billion. That makes it one of the largest venture capital players in the crypto industry, rivaling giants such as Silicon Valley investment firm Andreessen Horowitz’s digital assets-focused efforts, which total $7.6 billion so far. Since its inception in 2018, Binance Labs says it has made a 2,100% rate of return.