Changpeng Zhao, known as “CZ,” has transitioned the venture capital arm of Binance Holdings into a family office after his release from prison. CZ, whose wealth has soared to $70 billion due to the crypto rally, has renamed the former Binance Labs to YZi Labs, according to a statement on January 23.
The newly rebranded YZi Labs, managing $10 billion in crypto assets, will oversee investments for both CZ and Binance co-founder Yi He, with whom he shares three children. Ella Zhang, who originally helped establish Binance Labs in 2018, has returned to lead the firm, which now focuses on family office investments rather than venture capital.
CZ, 47, built Binance into a leading crypto exchange, famously operating without a global headquarters. His compliance practices led to U.S. legal troubles, resulting in a $50 million fine, a four-month prison sentence, and his eventual resignation as CEO in 2023. Following his release in September, CZ pledged to prioritize investments with societal impact, including launching Giggle Academy, a nonprofit online education platform.
YZi Labs has plans to diversify beyond crypto, with investments targeting artificial intelligence and biotech sectors. The firm, currently operating with nine employees, aims to expand to a team of 20, while writing investment checks ranging from $500,000 to $50 million.
Zhao, ranked 22nd on the Bloomberg Billionaires Index, with an estimated fortune of $69.8 billion tied to Binance, will remain actively involved in YZi Labs’ investment decisions. The firm will also manage liquid tokens and intends to leverage Zhao’s network to source opportunities.
Before rebranding, Binance Labs had backed hundreds of crypto projects, including prominent names like Sky Mavis, Polygon, and The Sandbox, with assets valued over $10 billion on paper. This positions YZi Labs as a major player, potentially surpassing competitors such as a16z Crypto and Polychain Capital.
