TLDR:
Binance Labs, the venture capital arm of cryptocurrency exchange Binance, has been separated from the main company under new CEO Richard Teng. The arm previously had a valuation of USD 10 billion and around 250 companies in its portfolio, including Web3 startups like Skymavis, Lifeform, Dusk, Aptos Labs, and Polygon. The decision to sever ties was made after the co-founder and former CEO Changpeng “CZ” Zhao was found guilty of breaching sanctions and money-laundering laws. Binance Labs continues to be led by co-founder Yi-He and has invested in numerous startups in the blockchain industry.
Key Points:
- Binance Labs, the venture capital arm of Binance, has been separated from the main company.
- New CEO Richard Teng made the strategic decision to break ties, following Changpeng “CZ” Zhao’s legal issues.
Binance Labs, under its new leadership, has continued to invest in blockchain startups and recently announced the Season 7 of its incubation program. The spun-off entity retains the Binance trademark but now operates independently from the main Binance group. The news of the separation was confirmed last Friday, with no comments from either Binance Labs or Binance regarding the development.
