TLDR:
- Binance has spun off its $10 billion venture capital arm Binance Labs.
- The move comes after changes to the business operations at Binance, including the resignation of former CEO CZ and the leadership of new CEO Richard Teng.
Binance, the world’s leading cryptocurrency by trading volume, has reportedly spun off its $10 billion venture capital arm Binance Labs. This move follows changes to the business operations at Binance, particularly after the resignation of founder and former CEO Changpeng “CZ” Zhao. The new CEO, Richard Teng, has been leading the company through these changes.
Binance Labs, as an independent venture, operates separately from Binance Group and is not involved in any businesses operated by the Binance Group. The venture arm has recently announced the conclusion of its Incubation Season 6 and has invested in various notable crypto projects over the years. Binance Labs’ total assets are estimated at $10 billion, with a portfolio covering more than 200 projects across 25 countries.
The spin-off of Binance Labs marks a significant development in the cryptocurrency industry and reflects the ongoing evolution of Binance’s business model under new leadership.
