The world’s largest cryptocurrency exchange by trading volume is taking strategic steps to strengthen the venture capital side of its business.
In a new announcement, Binance says Chief Marketing Officer Yi He will take charge of Binance Labs to provide a focus on driving the innovative growth of the Blockchaintechnology to lay.
Yi, who co-founded Binance with CEO Changpeng Zhao in 2017, says one of her priorities will be to provide support to talented risk-takers.
“Part of the journey of seeing Binance grow, particularly through difficult market conditions, has been the ability to identify those founders who have the skills and embody the values needed to thrive in an environment where resources are more limited are.”
Regarding the importance of ensuring widespread adoption of Web 3.0, Yi adds,
“Web 3 will only really take off if its products fit seamlessly into people’s lives. To accelerate widespread adoption, we must focus our resources on supporting projects that 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, stating that crypto bear markets are the time when investors will find opportunities at ideal prices.
“This really is 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 fantastically well.
We invested a few hundred million dollars… and now ours portfolio [worth] $7 billion. So it’s one of the best performing funds out there I think.”
Back in June, Binance Labs announced a new $500 million investment fund designed to boost adoption of crypto assets and blockchain technology, including Web 3.0 technologies.
Binance Labs says its portfolio includes more than 200 projects valued at $7.5 billion.
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Source: Crypto News Deutsch