Binance co-founder Hye Yi will head the venture capital and incubation arm of the cryptocurrency exchange. This is stated in a press release provided by ForkLog.

The CEO will be responsible for leading global strategy and operations at Binance Labs. Part of its focus will be to increase the utility of innovative crypto and blockchain products as well as support infrastructure projects.

“This is the perfect moment for Yi to take on a larger role at Labs, as the market provides an unprecedented opportunity to find projects that can thrive in challenging environments,” said Changpeng Zhao, head of the exchange.

According to the announcement, the Binance co-founder is focusing on driving adoption of Web3 and distributed ledger technologies by “creating a standard for the blockchain industry.” Under his leadership, the division will place additional emphasis on investing in projects that will “play a role in shaping the future of the industry”.

“It’s safe to say that Web3 will reach one billion new users in the next five years. Again [сектор] But when its products enter the lives of users organically, it will truly become mainstream.”

The company’s co-founder has replaced Bill Qian, who has been working at Binance Labs since March 2020, in his new position. According to exchange representatives, he left the branch for “personal reasons”.

The company added that its venture division manages $7.5 billion in total assets and that the structure supports hundreds of startups, including Polygon, Perpetual Protocol and Dune Analytics.

Binance Labs has previously invested in the Star Sharks gaming blockchain project, the WOO Network liquidity platform, and the PancakeSwap decentralized exchange.

Recall that in June Binance Labs launched a $500 million fund focused on DeFi, NFT, games, metadata sources and social networks.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.