2024-03-15 15:31:49 ET
Binance, the world’s leading cryptocurrency by trading volume, has reportedly spun off its $10 billion venture capital arm Binance Labs.
Bloomberg first reported the story on Friday, noting that Binance and Binance Labs had operated as independent companies since early this year. Details on the venture capital firm’s
website
includes a disclaimer that reads:
“Binance Labs is an independent venture and not part of the Binance Group nor is it involved in any of the businesses operated by the Binance Group (including but not limited to the Binance cryptocurrency exchange).”
According to the note, Binance has licensed the use of its brand to the venture platform. Other than the trademark, Binance Labs has “no other relationship with the Binance Group.”
Binance changing
The changes to the business operations at Binance, particularly this move, comes a few months into the leadership of
new CEO Richard Teng
.
In 2023, founder and former CEO Changpeng “CZ” Zhao stepped down from Binance and the Binance.US exchanges. The dramatic changes followed the staggering $4.3 billion settlement the exchange struck with US authorities in November.
Zhao’s resignation came after he pleaded guilty to charges related to anti-money laundering and sanctions violations.
Earlier this month, Binance Labs announced the conclusion of its Incubation Season 6, with investments in DeFi protocols Ethena, Derivio and Shogun. In the
blog post
, Binance Labs still referred to itself as “the venture capital and incubation arm of Binance.”
Binance Labs puts its total assets at $10 billion, with a portfolio that currently covers more than 200 projects across 25 countries. Among notable crypto projects the firm has invested in over the past few years are Polygon, Chiliz, Aptos Labs, Injective, Axie Infinity, LayerZero and Celestia.
Binance Labs also
recently invested in Renzo
, a liquid restaking protocol for EigenLayer.
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Binance spins off $10 billion venture arm
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