Changpeng Zhao, Founder Of Binance, Focuses On Building YZi Labs As A New Investment

Changpeng Zhao, founder of Binance, focuses on building YZi Labs as a new investment (Photo; Doc. Reuters)

JAKARTA - Recently, Changpeng Zhao or better known as CZ inaugurated YZi Labs, a family office that will manage his personal wealth with one of the other founders of Binance, Yi He. This step is a form of rebranding of Binance Labs' venture unit, which previously served to manage more than 10 billion US Dollars (Rp162 trillion) in crypto assets.

The decision to establish YZi Labs comes after CZ settled a fairly severe legal dispute in 2023. He was accused of failing to prevent illegal activity on the Binance platform, which resulted in a fine of 50 million US Dollars (Rp810 billion) and a four-month prison sentence. After completing his obligations, CZ decided to step down from Binance's CEO position and focused on broader personal investments, including artificial intelligence (AI) and biotechnology.

YZi Labs is now led by Ella Zhang, co-founder of Binance Labs, who returned to the company to lead this major transformation. The new company will expand its investment focus, including crypto assets, AI, and the biotech sector, with investments ranging from 500 thousand US Dollars (Rp8.1 billion) to 50 million US Dollars (Rp810 billion) for each project.

Although YZi Labs is now an independent entity, the company still manages the old Binance Labs portfolio, including stocks in large companies such as Sky Mavis, Polygon, and The Sandbox. Team YZi Labs, which currently consists of nine people, will expand to about 20 members who are experts in various fields of new technology.

CZ himself remains actively involved in strategic decisions at YZi Labs. In a post on social media X, he stated his focus on "impact investing," namely investment that not only generates profits but also has a global positive impact.